Global real estate investment manager Hines officially launched Hines Private Wealth Solutions this week. The move is intended to leverage the firm's existing offerings for individual investors to grow its relationships across private wealth distribution channels and expand its business in Europe and Asia.
Hines has worked with individual investors for the past two decades, raising more than $10.7 billion in the private wealth channel for investment vehicles ranging from non-traded REITs to private placements and tax-deferred exchanges. Its current offerings in the space include Hines Global Come Trust, a non-traded REIT focused on prime and core properties globally. Past products included HGR Liquidating Trust, a diversified global unlisted REIT, and MSC Income Fund, an investment fund that provides debt and equity financing to privately held US middle market companies. Two years ago, Hines also targeted family offices and wealth management firms raise money for its US property recovery fund.
“While Hines has had great success in attracting individual investors to our strategies to date, we see great untapped potential ahead of us,” David Steinbach, the firm's global chief investment officer, said in a statement. “We believe investors are increasingly seeking greater diversification within their portfolios, and Hines is well positioned to help them achieve their optimal investment mix and address a variety of financial needs through the power of investment in real estate.
Hines hired Paul Ferraro two months ago to lead its private wealth strategy. Ferraro previously served as global head of private wealth at global asset management firm The Carlyle Group. He also worked as head of platform delivery with Morgan Stanley's commercial banking division.
Hines' broker/dealer subsidiary has been renamed Hines Private Wealth Solutions LLC in conjunction with the launch of the Private Wealth Solutions platform.