Paul Marcuse, the chief executive of Axa Real Estate Investment Managers, is leaving to join UBS Global Asset Management as its property head.

Marcuse will be based in London, reporting to John Fraser, the chairman and CEO of UBS Global Asset Management. He succeeds American Jim O’Keefe who will be appointed a senior advisor to the global real estate team.

The global real estate division invests in properties in continental Europe, Japan, the UK and the US and in publicly-traded property shares globally.

Marcuse has been head of Axa Real Estate Investment Managers since March 2000. In his earlier property years he spent time at Rodamco, UBS, BZW and Goldman Sachs.`