Fidelity Investments has spun off one its real estate investment operations, Reuters reports. The new private equity business, which will be called Long Wharf Real Estate Partners, will manage around $1.5 billion in assets. The new firm also plans to raise additional funds to invest in real estate, adds Boston Globe. Michael Elizondo, Jeffrey Gandel, Jeffrey Tapley and John Barrie will be managing directors in the new firm.

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