PGIM Real Estate head of Americas to retire

After a 36-year career with PGIM Real Estate, Kevin R. Smith, head of the Americas, will retire from the company in early 2018.

Effective Jan. 1, 2018, Cathy Marcus will become head of the U.S. business, in addition to her role as global COO, and Alfonso Munk will assume the formal role of head of Latin America, in addition to his role as Americas CIO. Marcus and Munk will continue to serve on the Global Management Council and the Global Investment Committee, and Munk will chair the U.S. Investment Committee.

Until that time, Smith will continue to be responsible for the oversight and implementation of the firm’s Americas business strategy, while working closely with Marcus and Munk to develop an orderly transition plan.

Smith was the head of PGIM Real Estate’s U.S. business from 2012 to 2014. Previously, he was the senior portfolio manager for PGIM Real Estate’s flagship core equity real estate fund, PRISA, as well as its value-add fund, PRISA III, responsible for the oversight of all aspects of each fund’s operations, including portfolio strategy, acquisitions, sales and asset management. Formerly, he was the head of investment underwriting and operations for the U.S. transactions group. Smith also managed separate account portfolios for pension fund clients, as well as a series of smaller, closed-end funds.

Marcus has 29 years of investing experience and has held a range of leadership and investment roles during her 18-year tenure with PGIM Real Estate, including senior portfolio manager for PRISA.

Munk has more than 18 years of real estate experience, having joined PGIM Real Estate in 2012 after spending more than a decade with Morgan Stanley’s real estate investing group.