Paul Hastings parachutes real estate head into London as investors shun New York

Paul Hastings Janofsky & Walker is beefing up its London senior management with the relocation of global real estate chairman Phil Feder from Los Angeles.

UK managing partner and real estate partner Mark Eagan, who is currently head of real estate locally, will remain as Paul Hastings' City office head.

Feder admitted that the decision to invest additional resources in real estate in the current market could be viewed as "contrarian", but argued that London was "a key engine" in Paul Hastings' future growth.

He added that the firm was confident that London's emergence as "arguably the true financial centre of the world" would continue, and the move was an attempt to capitalise on the increased workflows from Europe and Asia into the City.

"The hit the New York investment banks are taking is substantial," Feder said. "With the weakness of the dollar and the perception that the rate of growth in the US market will not be what it was, investors are looking elsewhere."

Paul Hastings has had considerable success winning work from the Middle East, advising Dubai World on its agreement to invest $5bn (£2.51bn) in MGM Mirage and the CityCenter development in Las Vegas.