UBS has moved quickly to replace its real estate investment team by picking up Tim Church and seven colleagues from JPMorgan.

The hiring of the entire team at JPMorgan has added significance given that JPMorgan’s Australian boss, Andrew Pridham, was once a key property analyst at UBS.

Merrill Lynch recently nabbed the UBS property team led by Darren Rehn. The raid by Merrill cost them $27m and took away 10 of 16 bankers at the UBS team.

The Australian