Head of Research
Round Hill Capital
London, England, United Kingdom
5d ago
source : Experteer

The CompanyRound Hill Capital is a leading global specialist real estate investment, development and asset management firm.

Since inception in 2002, Round Hill Capital has acquired and re-positioned for long-term institutional ownership over 110,000 residential units and student housing beds.

Round Hill Capital is a responsible landlord of assets offering housing to a range of occupants, from students through to senior citizens.

Round Hill is a leader in residential real estate in all its forms. Key products include multifamily, student housing, senior living and serviced real estate.

With over 220 employees across 15 offices globally, Round Hill prides itself on being a knowledge-sharing organisation, continuously developing best practices across teams, offices and countries.

Round Hill Capital has an established track record of generating high risk-adjusted returns and invests in and asset manages real estate on behalf of some of the world’s leading institutions and private investors.

RequirementRHC is seeking to hire a Head of Research (HoR), a position which has not existed to date, but is now required as the company grows and continues to in-source key value functions.

There is potential to add staffing resources to create a research team in the future, as the company continues to grow. The scope of the research is Europe and US initially, expanding into LatAm shortly and further in due course.

The firm is constantly investing in a number of continuation strategies as well as evaluating and implementing new ones. There is a requirement to have a robust analytical house view of these strategies in order to continue or cease existing investment programs and commence new ones.

There is also a requirement to analyse market arbitrage opportunities in order to seek relative value across the continent, and more generally direct capital to the most attractive investment opportunities.

It will provide an additional element of investment risk management, and quality control of underwriting assumptions.The research function should have coverage of particularly the residential and logistics markets but also other commercial property sectors as it applies to mixed use projects as the company expands its focus over time, as well as operational businesses and related industries such as healthcare as it applies to senior living real estate etc.

It needs to form a view covering development projects that are sensitive to exit assumptions some years ahead, long term hold strategies exposed to extended market trends and special situation investing to exploit shorter term market dislocations.

As well as the property fundamentals there is considerable impact of capital markets, international capital flows, debt markets and macro-economic factors that need to factored into a holistic analysis.

The HoR will have a budget for sourcing external data as well as have access to proprietary data that comes from being an owner of a very large number of units across our region.

The research function should utilise all available resources to form a view, and depending on the capability could also conduct proprietary quantitative research in-house.

The output of the research function will be used to guide our strategic direction, tactical decisions regarding specific assets, and support of marketing to investors.

Certain outputs will be retained in-house as proprietary information, but other materials could be published or used broadly in marketing initiatives.

The Head of Research will report directly to the CIO, Kirk Lindstrom and Rob Reiskin, Senior Managing Director, both of whom are voting members on the Investment Committee of the firm.

The position will work closely with all of the sector business leads across the firm, and also the Capital Markets Group which is responsible for investor coverage and capital raising.

There is a requirement to travel in support of capital raising meetings, conferences and as required for local research or visiting RHC offices.

The role will have two primary focus areas : 1. Supporting and guiding investment activity and performance

  • Spearhead market analysis, to prepare strategy recommendations and to integrate this research into forward-looking asset underwriting.
  • The expectation is that the HoR will publish a market forecast quarterly incorporating third party research and the HoR’s independent view of markets.

  • Provide a perspective on economic, capital market and real estate market analysis for potential acquisitions and dispositions.
  • It is expected that there will be roughly five acquisition memos per month submitted to investment committee and quarterly asset management meetings.

    The HoR will be a resource to the acquisition and asset management professionals but will not do the market research directly.

    The HoR will stress test market data in acquisition memo’s and asset management updates against market forecasts and third party data.

  • Will pro-actively work with senior leadership to determine possible areas of opportunities and provide three to six white papers on acquisition opportunities per year.
  • The proposed strategies and recommendations should be practical and actionable. Success will be measured by the number of actionable strategies that have been pursued and result in profitable investments.

  • The HoR will be responsible for crafting and updating the investment strategy of various programs / funds and communicating these strategies to the firm and its investors.
  • Will serve on the Investment Committee as a voting member, as well as the Review Committee (a preliminary stage to guide teams on deals and new strategies before formal approval).
  • Be a key presence in quarterly asset management meetings, reviewing quarterly updates on assets
  • Act as a key resource for market knowledge disseminating this throughout the firm.
  • Develop a budget for utilising and manage outside research and data services that will supplement and enhance the work of the research team.
  • Subject to capability and resources, conduct proprietary quantitative research using 3rd party and in-house data to provide insight into market risks and outlooks.
  • Track, analyse and interpret trends (including global macro-economic issues) affecting the investments that RHC pursues, both for future investment as well as existing portfolio investments.
  • By providing thought-provoking data, help ensure that RHC are forward thinking and informed of micro and macro trends in relation to new sectors and markets.

  • Track, analyse and report on RHC investment performance including the firm’s track record and attribution analysis of performance factors in our investments.
  • 2. Supporting marketing activity

  • Attend and speak at conferences and industry events, representing RHC to enhance our reputation as a thought leader.
  • Periodically publish research / white papers in support of specific fundraising or broader marketing initiatives.
  • Contribute market analysis and research themes to investor presentations, and fund reporting.
  • Present at investor events / reporting meetings the house research view.
  • Participate in capital raising initiatives, either for specific fundraises, or more general / ongoing investor outreach accompanying Capital Markets Group personnel in their investor meetings and roadshows.
  • Provide support to the launch of new products including contributing to strategy development.
  • Assist investor due diligence where there is a requirement to respond to relevant questions, or contributing market and research views in RFPs, RFIs and other industry questionnaires.
  • Skills and Experience Required

  • Demonstrated track record of identifying unique, profitable investment strategies.
  • Well-rounded experience in the real estate sector with most of that time devoted to research. It would be beneficial if the candidate also had experience on the investment side of real estate (acquisitions and / or asset management).
  • The candidate should have already succeeded in a similar role at another investment management firm focused in real estate, or as a service provider to such firms.

  • Experience with traditional institutional real estate sectors, including residential, as well as non-traditional niches like land development (primarily housing) and hospitality.
  • Previous exposure and comfort in examining the capital markets this is key as RHC has a reputation for successfully exploiting market arbitrage as well as exploiting financial markets for both acquisition and disposition timing.
  • A strong entrepreneurial bent which results in proactive and independent thinking.
  • Strong technical skills, able to mine data and confidently communicate when risk is being mispriced based on demonstrable facts.
  • Capability to conduct proprietary quantitative statistical research to determine market signals.

  • Has successfully interpreted data in a way that is ahead of the curve .
  • Strong attention to detail and self-imposed high quality standards of written output, able to take responsibility for prioritising and monitoring own workload.
  • Excellent communication skills (both orally and written) in English, with other European languages as an advantage. Ability to communicate complex matters in a concise manner and present decisions on a quantitative basis.
  • No agencies pleaseLondon, United Kingdom / Round Hill Capital Acquisitions / Permanent

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