Equity Group Investments Inc., Chicago, has promoted Jim Alef to executive vice president and chief operating officer.
In addition, Gary Garrabrant was promoted to senior vice president of the firm and managing partner of a newly created subsidiary, EGI Capital Markets.
Mr. Alef joined the firm in May as executive vice president and chief administrative officer. He had been executive vice president and head of human resources and administration at First Chicago Corp.
Mr. Garrabrant, who joined the firm in January as a vice president, was the director of Sentinel Securities Corp., New York, responsible for real estate securities investment management.