AEW Capital Management L.P. is a Boston-based investment manager specializing in real estate-related investments. It offers institutions and other sophisticated investors a range of strategies, including options for direct and indirect investments in private-market property in North America, as well as options focused on publicly listed real estate-related equities in North America. Most strategies are available through a managed separate account or through commingled fund vehicles.

Firm Background

Founded in 1981, AEW Capital Management is an independently operated North American subsidiary of AEW Global, a holding company with additional subsidiaries based in Europe and Asia. AEW Capital Management employs more than 250 research analysts, investment managers and staff in its Boston and Los Angeles offices. The company's sister firms in Europe and Asia provide a global reach with 11 additional office locations in London, Paris, Hong Kong, Seoul, Singapore and beyond.

AEW Capital Management reports roughly $34 billion in assets under management (AUM) as of Dec. 31, 2015. Combined worldwide AUM for all AEW Global subsidiaries amounts to $53.8 billion. AEW Global is a subsidiary of the worldwide investment management giant Natixis Global Asset Management, which reports a total of $870 billion in AUM at year-end 2015. Natixis Global Asset Management is a subsidiary of Natixis SA (EPA: KN), which itself is a publicly listed subsidiary of the French bank Groupe BPCE.

Investment Approach

AEW Capital Management employs a disciplined investment process founded on rigorous research, analytical expertise and 35 years of investment experience. The firm's investment process is designed to ensure that the results of ongoing market research and economic analysis are integrated into all stages of decision-making on a day-to-day basis. The firm maintains dedicated investment teams focused on private real estate markets and real estate equities, respectively. Another research team provides top-down investing perspective on national and global macro trends. AEW Global also maintains an internal investment platform that enables research analysts and market specialists to share expertise, original research and unique insight across the firm's worldwide network of offices, further informing the investment management process.

Product Overview

AEW Capital Management offers a range of actively managed investment strategies focused on private real estate investments and publicly traded equity investments. On the private real estate side, the firm offers a range of strategies in three major categories. Core strategies invest directly in retail, office, multifamily and industrial properties with a focus on income generation. Value-added strategies cover a similar range of property types in addition to senior housing and hotel properties. Value-added strategies seek to deliver returns through income generation and appreciation. The firm also offers opportunistic strategies designed to target newly emerging investment opportunities in the real estate market.

On the listed equities side, AEW Capital Management offers three investment strategies covering North American real estate investment trusts (REITs) and real estate companies. A diversified strategy seeks to deliver broad exposure across all sectors of the real estate market. The firm's long/short equity strategy seeks to deliver broad market exposure with a long bias and allowance for opportunistic shorts. A third strategy provides focused exposure to the U.S. real estate market with an emphasis on value investments with high potential returns.

Executive Leadership

Jeffrey D. Furber serves as chief executive officer (CEO) of AEW Capital Management and chair of the firm's management committee. He is also chairman of AEW Europe. In his dual roles, Furber is responsible for oversight of all AEW Global subsidiaries in the United States, Europe and Asia. Prior to joining AEW Capital Management in 1997, Furber served as managing director at Winthrop Financial Associates and as president at Winthrop Management, companies involved in real estate investment and commercial property management activities. Furber completed his undergraduate education at Dartmouth College and later earned an MBA from Harvard Business School.

Michael J. Acton is managing director at AEW Capital Management and director of AEW Research, the firm's in-house research division responsible for studying top-down economic influences. He is also a standing member of the firm's management committee. Acton began working as an economic forecaster and analyst at AEW Capital Management in 1990. Previously, he worked in a leadership role in economic forecasting at DRI/McGraw-Hill, a research and consulting firm. Acton completed his undergraduate education at Bates College in Maine. He holds the chartered financial analyst (CFA) designation.

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