Cornerstone hires finance director

As Cornerstone Real Estate Advisers launches new funds in Europe, the Connecticut-based real estate firm hired Rachel Arden-Davis to help manage the new vehicles’ financial reporting and accounting.

Arden-Davis was previously a senior fund controller at AXA Real Estate, where for 10 years she assisted in fund financial reporting, budgeting and investor relations. At Cornerstone, she will have immediate financial oversight of Cornerstone’s Nordic-focused retail fund but is expected to take on responsibilities for future Cornerstone funds focused on Europe.

Cornerstone has been on a recent hiring spree to execute its expansion strategy in Europe. Recent appointments include: Albert Yang as head of business development in Europe; Jorge Duarte, also formerly with AXA Real Estate, as director of fund management in Europe; and former JP Morgan executive JD Sitton, as head of global business development. In May, the company also hired The Carlyle Group’s Valeria Falcone, as its new country head of Italy, to coincide with the opening of its Italian office in Milan.

“[Arden-Davis’] highly relevant experience and strong track record make her a natural fit for Cornerstone,” said in a statement Cornerstone CFO Alex Sutherland. “Her financial management skills combined with her proven client-facing capabilities will play a vital role in our pan-European fund drive.”