NEWTON, Mass.--(BUSINESS WIRE)--The 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.
Adam Portnoy, President & Chief Executive Officer, made the following statement:
“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.”
The 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.
Mr. 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.
About The RMR Group
The RMR Group Inc. (Nasdaq: RMR) is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR. RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by its more than 600 real estate professionals in over 30 offices nationwide who manage over $32 billion in assets under management and leverage 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit www.rmrgroup.com.
WARNING REGARDING FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward looking statements are based upon RMR’s present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond RMR’s control. For example:
- The appointment of Mr. Fay and the enumeration of his qualifications may imply that RMR’s business and operations will improve as a result of his appointment. However, RMR’s business and operations are subject to various risks, many of which are beyond its control. As a result, RMR’s business and operations may not improve despite the appointment of Mr. Fay.
- Mr. Portnoy states that RMR looks forward to utilizing Mr. Fay’s 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 and believes 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. There can be no assurance, however, that the appointment of Mr. Fay will enhance RMR’s ability to source private capital or provide any benefit to RMR’s shareholders or client companies.
For these reasons, among others, investors are cautioned not to place undue reliance upon any forward looking statements in this press release. Except as required by law, RMR does not intend to update or change any forward looking statements as a result of new information, future events, or otherwise.