Bob Reid has been named by Wahovia Securities as head of Real Estate, a newly created executive position reporting to Ben Williams, head of Global Markets and Investment Banking (GMIB).
As head of Real Estate, Reid will manage a platform that provides seamless service to Wachovia’s commercial real estate clients though two primary business lines – Real Estate Americas and Real Estate Asset Management. Robert Verrone and Lawrence Gray, co-heads of Real Estate Americas, and Leslie Fairbanks and Dan Sullivan, co-heads of Real Estate Asset Management will report to Reid.
Reid has almost 30 years of experience at Wachovia, and since 2003 has served as head of the Retirement and Investment Products Group (RIPG), reporting directly to David Carroll, head of the Capital Management Group. He has also held a number of senior leadership positions in the General Bank, including CEO of Pennsylvania/Delaware and president of the Atlantic Region, and was instrumental in managing challenging integration projects during a number of acquisitions.
“Our commercial real estate platform has grown into a dominant and multi-layered business. In light of current credit market disruptions, the time is right for us to elevate this important business under a single executive who reports directly to me. Bob is a seasoned leader who understands real estate, values people and has proven his ability to manage large business integrations. I am looking forward to having him join my leadership team,” says Williams.
Until Reid’s appointment, the Real Estate Division had reported to Tom Wickwire, head of Structured Products. Concurrent with the re-alignment of Real Estate, Tom Wickwire will take on additional responsibilities as head of the Principal Financing Group within GMIB. In addition to his other Structured Products responsibilities, Wickwire will now manage all of GMIB’s retained risk and principal investment activities. Under his leadership, the Principal Financing Group will optimize returns on invested capital as well as actively manage and strategically grow these activities across asset classes, geographies, and formats.
“Tom has done a tremendous job in growing our real estate business into a market-leading franchise and will continue to be a valued advisor to this business. He has more than 20 years of experience in structured finance and has proven himself to be equally adept at managing risk and identifying opportunities for investment. Given the current market landscape, it is more important than ever that we consolidate all of our principal financing activities under a single leader. Tom is the right person to manage this important strategic business,” adds Williams.