January 19, 2011 / 5:59 PM / 9 years ago

UPDATE 1-Morgan Stanley's Mantz leaving firm -memo

* Morgan Stanley is committed to real estate investing

* Mantz to “pursue other opportunities”

NEW YORK, Jan 19 (Reuters) - Jay Mantz, vice chairman of Morgan Stanley’s real estate investment group, is leaving the firm, according to an internal memo obtained by Reuters.

Mantz is “leaving to pursue other opportunities,” the memo said.

Morgan Stanley is committed to the real estate investing business, according to the memo. Bad real estate investments cost the bank hundreds of millions of dollars during the financial crisis, but in recent quarters Morgan Stanley has been recording gains on real estate funds.

In September, Mantz became vice chairman of the real estate investing group, from being president and chief investment officer of the unit.

John Klopp and Olivier de Poulpiquet took over as co-chief executive officers and co-chief investment officers of the unit, reporting to Mantz. (Reporting by Dan Wilchins. Editing by Robert MacMillan)

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