PaineWebber Inc. said last week it would split its real estate equity business into a real estate investment banking group and a real estate principal transactions group.

The company also named managing directors Terrence E. Fancher, Frederick T. Caven Jr., and David R. Jarvis to head the new groups.

Mr. Fancher will continue to oversee real estate investment banking. He will also focus on expanding the company's role as a principal in real estate equity transactions. He will continue to report to Steven P. Baum, head of capital markets.

Mr. Caven and Mr. Jarvis have been named co-heads of real estate investment banking and will manage the day-to-day operations of the group. Those activities include the origination of real estate investment trust equity and unsecured debt, mergers and acquisitions advisory, and agency advisory assignments. Mr. Caven and Mr. Jarvis will continue to report to Mr. Fancher.

Mr. Fancher, Mr. Caven, and Mr. Jarvis joined PaineWebber through the firm's acquisition of Kidder, Peabody & Co. in 1994.

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