Crescent Hires Managing Director, Fund Management.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) today announced that Paul R. Smith will be joining the company to serve as Managing Director, Fund Management, a newly created position integral to the company's real estate investment management strategy. The official start date for Mr. Smith's employment is May 16, 2005. Mr. Smith has over 15 years of experience in the pension fund advisory business, including portfolio management, financing and fund-raising. From 2000 to 2005, Mr. Smith was a portfolio manager at INVESCO Real Estate in Dallas, where he managed real estate investments for a $325 million value-added commingled fund Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. . From 1989 to 2000, Mr. Smith served as a portfolio manager for Sarofim Realty Advisors where he managed a $1 billion portfolio of office and retail properties on behalf of various institutional clients. John C. Goff, Vice Chairman and Chief Executive Officer, commented, "We are pleased to have Paul join Crescent's executive management team. The reputation that he has in the marketplace is exceptional, and the wealth of knowledge that he brings to Crescent, particularly in institutional fund management, will be extraordinarily valuable to us. "As Crescent continues its real estate investment management focus, Paul will be responsible for creating new fund opportunities for us on a direct basis with institutional investors. We expect this to be an important element of our future growth," Goff added. Mr. Smith is a graduate of Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. , where he obtained a BA in History, and University of Texas, where he obtained an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in Finance and Accounting. ABOUT THE COMPANY Crescent Real Estate Equities Company (NYSE:CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint Ventures, Crescent owns and manages a portfolio of 75 premier office buildings totaling more than 30 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. In addition, Crescent has investments in world-class resorts and spas and upscale residential developments. For more information, visit the company's website at http://www.crescent.com. |
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