WHO YA GONNA CALL? COSTBUSTERS!
|A few years ago, returns were through the roof and no one cared who was behind the curtain. But now people are hurt and anyone with a financial interest is asking more questions in this post-Madoffworld.|
|It's a return to basics: clients are saying âLet's make sure we'reensuring transparency,â says Ernst & Young construction and real estate advisory services' Josh Herrenkohl, whom we snapped withMaureen Welch at theirFive Times Square office. The duo helps real estate firms, REITs, sovereign wealth funds, and corporations with biz improvement and operational efficiency plans. These companies are now asking the big dollar questions, like insourcing vs. outsourcing or what it costs to run their properties.|
|Before the global financial downturn hit and institutions started going under, no one imagined XYZ Bank (or insert other) folding. So now organizations are moving toward more modeling and analysis to project the impact of unforeseen events, Maureen says. E&Y recently advised a large global RE company interested in using analytics and reporting in order to spot portfolio leaders and laggards, managerisk more effectively, and assess future buys. Bonus: more telling data to investors, both for future marketing efforts and current investor reporting. (Toto would be proud.)|
|Josh and Maureen (with colleague Suruchi Mahajan) were recentlypromoted to their leadership roles at E&Y CREAS: Josh as leader of the real estate investor services team and Maureen as leader of the corporate real estate practice. Outside the office, Maureen has taken her love of real estate to nature, purchasing two derelict lots inHighlands, NJ, and turning them into an open community gardenwith 30 patches and a gazebo. Josh loves traveling and has lived in various countries, including Japan and Europe. Now that his kids are 2 and 4, globetrotting is on hold for a bit, but he says his favorite spots are Japan, Morocco, and Brazil.|