Launches & Closures Hedge Funds

Outspoken REIT analyst launches real estate fund


Jonathan Litt, formerly a top-ranked sell-side research analyst at Citigroup, has launched a hedge fund with seed money from his former employer to invest globally in the stocks of real estate companies and related enterprises.

Litt, who has covered real estate investment trusts since 1994, made headlines in August 2002 when he gave a tongue lashing to the head of Trizec Properties during an earnings call. Litt thought there was an ethical conflict in the way Trizec's chief executive, Peter Munk, had spun off Trizec Properties from a larger company that he also controlled.

In the call, Litt said