Sept. 28, 2011
(NYSE: LEN and LEN.B) announced today that
has joined its wholly-owned subsidiary, Rialto Capital Management, LLC ("Rialto"), to oversee the company's Real Estate Investment Management business as Rialto's President. The company also announced that
, who joined Rialto in 2008 as its Chief Investment Officer, is taking on responsibilities for overseeing Rialto's Asset Management business as Rialto's Chief Operating Officer. Both Jay and Bill will report to
, Rialto's Chief Executive Officer.
Jay joins Rialto after 18 years with Morgan Stanley where he ran Morgan Stanley's Real Estate Investing business from 2000 to 2005, helping to create one of the world's leading investment platforms. Jay was subsequently promoted to global co-head of Morgan Stanley Merchant Banking, which included Real Estate, Private Equity and Infrastructure investing activities.
Mr. Krasnoff said, "We are very excited that Jay has joined us at Rialto. We have worked and invested side-by-side with Jay during his almost two-decade tenure at Morgan Stanley and have had the opportunity to recognize first hand what a great leader and business builder Jay is."
, Chief Executive Officer of Lennar, added, "The addition of Jay and his unique capabilities furthers Lennar's strategy of growing our existing Rialto franchise, and in particular expanding our access to capital and new investment opportunities to create value for our partners and shareholders."
Mr. Mantz said, "I have known Jeff and Stuart for close to twenty years and am very excited to join what is already a best-in-class operating platform and leader in value investing with outstanding management. I look forward to being a part of the unique growth opportunities ahead for the company."