Business
The RMR Group Appoints Andrew Fay Senior Vice President
$32 Billion Alternative Asset Manager Enhances Capability to Source Private Capital for Investments in Core Real Estate Financial Industry Veteran Brings 30
About this update from The Rmr Group Inc.
[{"type":"text","content":"\n$32 Billion Alternative Asset Manager Enhances Capability to Source Private Capital for Investments in Core Real Estate\n\nFinancial Industry Veteran Brings 30 Years of Experience to RMR\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nThe RMR Group Inc. (Nasdaq: RMR) today announced the appointment of Andrew Fay as Senior Vice President. In this new role, Mr. Fay will be responsible for establishing and developing a capital markets team that will focus on sourcing capital from private investment partners including ultra-high net worth investors, family offices, targeted registered investment advisors, foundations and endowments.\n\nAdam Portnoy, President & Chief Executive Officer, made the following statement:\n\n“We welcome Andy to RMR’s senior leadership team and look forward to utilizing his multi-decade experience in the capital markets and wealth management industries and his ability to build relationships with ultra-high net worth investors, family offices and institutions. We believe that RMR’s strong historical track record and expertise in managing a diverse, nationwide portfolio of core real estate assets will appeal to new audiences and will complement the traction we have already established with investments from sovereign wealth funds.”\n\nThe creation of this new role builds on RMR’s effort to expand its capital sources into private markets and so far has resulted in nearly $1 billion of new investment, primarily from sovereign wealth funds. This capital includes investments in, most notably, the $680 million joint venture RMR client Industrial Logistics Properties Trust (Nasdaq: ILPT) entered into for 12 mainland U.S. industrial assets.\n\nMr. Fay has more than 30 years of experience in financial services and expertise in both the institutional and private client marketplace. He most recently served as Head of Family Office Services for Fidelity Investments, where he played a central role in creating the company’s first ultra-high net worth and family office business. Previously, he held roles at Bank Boston and FleetBoston Securities Corp. as well as Manufacturers Hanover Trust. Mr. Fay is an advisory board member of the UNWH Institute. He earned his Bachelor’s degree in Government and French with a minor in Economics from Bowdoin College and is a certified investment management analyst.\n\nAbout The RMR Group\n\nThe RM...