DTZ’s Hong Kong team departs

DTZ’s attempt to launch an investment management business in Asia ended last month when its four Hong Kong-based staff left.

David Schaefer, formerly at Citi Property Investors in Asia, was a high-profile hire in March 2010. However, fundraising for a debut fund came to nothing and he and his team have left. Sources said their efforts to raise capital were made harder by the uncertainty over DTZ’s financial position that led to its takeover last December by UGL.

Schaefer and two former colleagues, Jason Lee and Michael Moon, have set up Bay Capital Partners. Lee was previously at Bank of America Merrill Lynch and Moon at Macquarie Real Estate Korea. DTZ had hoped to raise $400m for the fund, which  was to invest in offices in Chinese cities.