Investment manager PGIM and parent company Prudential Financial Inc. announced a series of leadership appointments on September 6. Current PGIM Real Estate Chief Operating Officer Cathy Marcus and current PGIM Real Estate CIO Raimondo Amabile will be promoted to co-CEOs, effective October 1, as part of a broader restructuring. The pair will continue to work with current PGIM Real Estate president and CEO Eric Adler, now president and CEO of newly formed PGIM Private Alternatives, which brings together Prudential’s real estate, private capital and private equity secondaries groups.
“Cathy and Raimondo are well-positioned to lead PGIM Real Estate, having each expanded their global and regional responsibilities through a progression of leadership roles over the last several years, and through their established, decade-long partnership driving the strategic initiatives of PGIM Real Estate globally,” Adler said in a statement. “The incoming leadership team brings significant real estate investment management experience to their roles, and I look forward to continuing to work with them in my expanded role.”
The appointments follow the formation of PGIM Private Alternatives, which aims to position PGIM as a leading manager of alternative investments and unify the firm’s offerings of private equity, private credit, infrastructure, real estate and agriculture investment solutions, according to the release.
PGIM Private Alternatives will be composed of PGIM Real Estate, PGIM Private Capital (which offers private credit and infrastructure debt investments) and recently acquired Montana Capital, a private equity secondaries specialist.
PGIM Private Alternatives will have $310.9 billion in assets under management, while Prudential Financial has $1.2 trillion in assets under management.
Other promotions within PGIM Real Estate include:
- Soultana Reigle to head of U.S. equity strategy (replacing Marcus) from senior portfolio manager for U.S equity value-add strategies;
- Sebastiano Ferrante to head of Europe from deputy head;
- Enrique Lavin to head of Latin America from deputy head; and
- Christina Hill to global head of asset management and sustainability, an expansion of her responsibilities as head of Americas asset management and global head of ESG.