Link Points to Japan Expansion with Hire of Tokyo-Based Nuveen Executive

Link Asset Management continues to expand its fund management initiative, announcing on Monday that it has hired former Nuveen executive Steven Bass as head of Japan investments for its Link Real Estate Partners division.

Formerly a senior director with the alternatives and strategic transactions with the asset management division of US financial giant TIAA, Bass is joining the private fund management of Link to grow its business in Asia’s second largest economy and execute a comprehensive investment strategy for the country, according to a statement by Link.

“I’m both honored and excited to be joining Link Real Estate Partners, where I will be reporting to John Saunders and working alongside a great group of investment professionals, including former colleagues Eishi Koshimura and Tetsu Fukui here in Japan, to offer compelling investment strategies serving private institutional capital,” Bass said on LinkedIn.

Link Asset Management, which is best known as the manager of Asia’s largest real estate investment trust, Link REIT, introduced its new Japan chief just over two months after launching Link Real Estate Partners to grow its private fund management business.

Japan as Target Market

Based in Tokyo, Bass is expected to establish a Japan team for Link and fortify its operations throughout Asia Pacific, in addition to his duties leading the local business unit.

While Link REIT has yet to invest in Japan, in an interview with Mingtiandi last year, George Hongchoy, chief executive of Link Asset Management, identified the country as one of his firm’s top target markets.

To accomplish Link’s goals in Japan, Bass will be able to leverage over 25 years of in-country experience including managing Nuveen’s Japan Alternatives Living Fund, which specialises in investing in senior housing, student housing and other alternative living sectors in Japan.

Before joining Nuveen in 2022, Bass had run his own advisory shop for one year after spending two years as country manager for Japan with Boston-based real estate fund manager AEW.

Holding a PhD in urban planning from UCLA, Bass was a partner with Hong Kong-based fund manager Orion Partners until that firm was acquired by what is now Abrdn in 2019 and also served an earlier stint with what is now CBRE Investment Management.

Managing Third Party Capital

Link Asset Management launched Link Real Estate Partners in February, under the management of former BlackRock head of Asia Pacific real estate John Saunders, as a way to build on its experience with Link REIT by building a new business line around managing third party capital.

Creation of the new business unit was the culmination of a year-long effort by the Hong Kong giant to expand its business under its ‘Link 3.0’ initiative, which seeks to diversify and enhance the REIT’s portfolio, while also expanding the management company’s business to capture additional revenue streams.

For the six months ending 30 September, Link REIT achieved net property income growth of 5.8 percent on revenues which expanded by 6.4 percent, but still suffered a net loss attributable to shareholders for the period of HK$3.7 billion ($474 million), primarily due to falling valuations for its investment properties.

In announcing its interim results, Link’s Hongchoy pointed to development of new revenue sources as a way to enhance the company’s returns saying, “by expanding our investment management business, including our ability to work with capital partners, we also aim to accelerate diversification and generate fee income from our management services.”