THE NATIONAL Asset Management Agency (Nama) is to appoint estate agent John Mulcahy and former Ulster Bank executive Ronnie Hanna to key roles on its executive management team.

The appointments are expected to be announced imminently, possibly as early as today.

Mr Mulcahy, former chairman of auctioneers Jones Lang LaSalle, will be named the agency’s head of portfolio management. This will formalise Mr Mulcahy’s relationship with Nama; he has been advising the new State agency on secondment from Jones Lang LaSalle since last year.

Mr Hanna, who has held a number of senior positions within Ulster Bank, including head of credit risk for the bank in Northern Ireland, will be named Nama’s head of credit and risk.

Both men will report directly to Nama chief executive Brendan McDonagh and will join the agency’s five-strong executive team.

The other three top executive roles at Nama are head of banking and lending, head of business services and head of legal and tax.

Mr Mulcahy, whose unit will be the largest of the five areas, will be responsible for 25 to 30 staff, including 12 senior asset managers and 11 senior portfolio managers.

He will responsible for the strategy behind the workout and disposal of assets backing about €80 billion in loans to be acquired by Nama over the coming months.

Mr Mulcahy will oversee the management of borrowers’ exposures and property under Nama’s control as well as the outsourcing of work to valuers, planning consultants and project managers.

Mr Hanna, who will oversee credit, treasury and operational risk, will manage 10 to 12 staff.

Mr Mulcahy, a chartered surveyor with 39 years’ experience, has been both managing director and chairman of the Irish arm of Jones Lang LaSalle, a leading auctioneering firm.

He led the team that advised South Wharf when it sold the Irish Glass Bottle site for a record €412 million in October 2006, the property that is at the centre of a legal action against property developer Bernard McNamara.

Mr Hanna is a fellow of the Institute of Bankers in Ireland and a member of the Institute of Directors.