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LaSalle Investment Management CEO Steps Down

Rendering of the new Post Office Square entrance at 110 High St. in Boston

The new year will herald a changing of the guard at a major international investment firm.

LaSalle Investment Management Global CEO Jeff Jacobson will step down from his post on Jan. 1, the company said Monday. He will remain in the position of chairman for at least another six months to assist in the transition to his successor, Mark Gabbay, who is being elevated from his position as chief investment officer and CEO of LaSalle Asia Pacific.

LaSalle is the independently operating asset management subsidiary of JLL, and Gabbay will report directly to JLL CEO Christian Ulbrich. LaSalle manages more than $65B in assets worldwide for pension funds, sovereign wealth funds, high net worth individuals and other capital sources, split up among several specialized funds. After taking over as CEO in 2007, Jacobson oversaw 57% growth in LaSalle's portfolio, the company said.

The company credited Jacobson for "successfully [leading] LaSalle through two global crises," as well as overseeing an expansion of offerings that now includes debt funds and, most recently, its first 1031 exchange fund. The company's statement did not specify the two global crises Jacobson led through.

Gabbay's ascension to CEO will be part of a number of changes in leadership for LaSalle's global and Asia Pacific executive groups. Stepping into Gabbay's role as Asia Pacific CEO will be current Japan CEO Keith Fujii, while LaSalle Head of Greater China Claire Tang and Head of Japan Acquisitions Kunihiko Okumura will split the chief investment officer duties that Gabbay is leaving behind.