The executive who helped build one of the world's leading real estate investment platforms at Morgan Stanley has landed in Miami, where he will oversee one of the country's largest home builder's workout business.
Jay Mantz, who ran Morgan Stanley's real estate investment business from 2000 to 2005 before being promoted to global head of the brokerage house's merchant banking section, has been named president of Rialto Capital Management.
Rialto, a subsidiary of big builder Lennar, is focused on distressed real estate asset investments, asset management and workout strategies.
"The addition of Jay and his unique capabilities furthers Lennar's strategy of growing our existing Rialto franchise, and in particular expanding our access to capital and new investment opportunities to create value for our partners and shareholders," said Stuart Miller, Lennar's chief executive officer.
Mantz joins Lennar after 18 years with Morgan Stanley.
The company also announced that Bill Landis, who joined Rialto in 2008 as its chief investment officer, will take over responsibilities for overseeing the division's asset management business as chief operating officer. Both executives will report to Jeff Krasnoff, Rialto's chief executive officer.
Since late 2009, Rialto and its affiliated entities have invested in or commenced the workout and/or oversight of billions of dollars of real estate assets, including distressed commercial and residential real estate loans and properties, as well as mortgage backed securities. These include partnerships in structured transaction with the FDIC and as a "sub-advisor" and investor in a public private investment fund with the Treasury Department.
