PGIM has named PGIM Real Estate CEO Eric Adler as its first chairman of PGIM’s real estate businesses.
PGIM, among the world’s top 10 asset managers with $1.2 trillion in assets under management as of March 31, 2018, is the global investment management business of U.S.-based Prudential Financial.
The partnership between PGIM Real Estate and PGIM Real Estate Finance is intended to capitalize on the global scale of both businesses and will allow PGIM to better serve investors increasingly looking to partner with institutions that can deliver best-in-class capabilities across the product spectrum.
“Through the partnership between our real estate equity and debt platforms, we are reinforcing PGIM’s standing as a top real estate manager globally with offerings that span from core mortgages to value-add equity real estate strategies,” said Adler. “This alignment will further strengthen our position as an industry leader in real estate with strong investment performance, exceptional private asset execution capabilities and a deep bench of investment talent. Most importantly, it will allow us to better engage, serve and deepen relationships with our clients.”
In 2017, PGIM Real Estate and PGIM Real Estate Finance launched a combined debt strategy, leveraging the breadth and depth of the combined real estate investing and loan expertise of both platforms in response to the growing appetite clients have for comprehensive investment and financing solutions.
Adler will remain CEO of PGIM Real Estate, PGIM’s equity real estate investment business, and continue to report to David Hunt, president and CEO of PGIM. Adler will oversee both the real estate equity and debt businesses of PGIM and be responsible for enhancing the client relations, marketing and operational capabilities for those businesses.
David Durning, CEO of PGIM Real Estate Finance, PGIM’s commercial real estate finance business, will also remain in his current position, reporting to Adler. In addition to Durning’s current oversight of PGIM Real Estate Finance, his expanded role adds oversight of all real estate debt platforms in the United States, Europe and Asia Pacific. The appointments are effective July 1, 2018.
