State Street has appointed Timothy Donovan as senior managing director and head of real estate fund services for North America to lead the firms expansion in the real estate investment servicing business in the region.
Donovan joins State Street from Beacon Residential Management, where he was CEO responsible for the asset management of the companys real estate portfolio. While at Beacon Residential Management, he also served as CFO leading the companys middle- and back-office operations.
Donovan has also held a variety of senior level positions in finance and operations at other realty companies.
At State Street, he will report to Bhagesh Malde, senior managing director in State Streets alternative investment solutions group.
Alternative asset classes like real estate have increased rapidly in popularity in recent years, as has the complexity of the funds, Malde says. As real estate fund managers seek out skilled and experienced administrators to service their funds, we are confident in the extensive real estate experience that Tim brings and in his ability to help expand this core area of our alternatives business.
(CG)