So, farewell RREEF!

RREEF, founded in 1975, had a distinguished existence for many years and for a long time was the leading US real estate manager. In 2008, it was identified as one of only two US real estate managers that had been in the top 20 in 1988 before the early 90’s real estate crash and continued to be in the top 20 at the time of the survey – the other was, I think, the Hines organization. In 2002, RREEF was acquired by Deutsche Bank and shortly afterwards its long-standing and much respected chief executive Don King, ousted long serving Bankers Trust real estate boss Dick Gunthel. The rationale was that RREEF needed to retain some semblance of independence within Deutsche Bank. But King left shortly afterwards and RREEF gradually became integrated into DB and lost much of its lustre. Now RREEF will be absorbed entirely into DB’s wealth management business and the colonisers from the US will be replaced by local managers. Sic transit gloria mundi.