Chief Investment Officer| Encore Institutional Capital Group
Randy is the chief investment officer and leads the EIC group. His role includes capital placement, investment strategy, and thought leadership. Randy started his career as a faculty member at Princeton University, where he taught economics and real estate finance. He left the faculty of Princeton to join Jones Lang Wooten (JLW). As a partner at JLW, he helped launch the company’s pension money management advisory business (now ING Real Estate). As a director at Goldman Sachs, he established Wall Street’s first real estate research department where he developed many innovative applications of modern finance, including swaps, options, and modern portfolio theory, to the financing and management of real estate portfolios. Randy left Goldman to advise pension funds with regard to their troubled real estate portfolios, real estate strategy, their money managers, and workouts. As a managing director at Pension Consulting Alliance, he served many institutional investors, a sample of which included AT&T, IBM, GM, Digital Equipment Corporation, CALPERS, Government of Singapore, the U.S. Department of Labor, and CALSTRS.
Nomura Securities International recruited him to head real estate research as managing director. There he participated in the recapitalization of the real estate industry through CMBS. Randy left Nomura to launch Apogee Associates, a boutique investment banking firm. Apogee soon attracted a marquis group of institutional clients, such as public REITs, investment banks, developers, and high net worth individuals. Clients of the firm included Morgan Stanley, Heitman, Deutsche Bank, CS First Boston, TIAA and Marvin Davis. When Jones Lang LaSalle acquired the Apogee team, Randy became co-head of investment banking representing high profile clients one of whom was Merv Griffin. Randy left JLL to serve as the Griffin Group’s chief investment officer where he focused on the acquisition and disposition of real estate for Mr. Griffin. With Matthew Zisler, he formed Zisler Capital Associates, a boutique real estate investment banking firm.
Randy is very active in the Urban Land Institute, ICSC, NAIOP. A recognized authority and frequent speaker at industry conferences, he has appeared on Bloomberg TV, Fox Business channel, various blogs, and in print. Randy was an adjunct faculty member at University of Southern California, where he taught a required graduate course in real estate market analysis. He holds an undergraduate degree, two masters degrees (one in urban planning and another in architecture), and a Ph.D. from Princeton University. He also holds a master degree in structural mechanics and civil engineering from The Catholic University of America.