NEW YORK, Jan. 4, 2018 – Following the planned retirement of Kevin R. Smith, PGIM Real Estate has announced key Americas leadership roles for Cathy Marcus and Alfonso Munk effective January 1. PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
Smith, most recently head of Americas at PGIM Real Estate, will retire in March 2018 after 36 years at the company. Marcus has been named head of the U.S. business, in addition to her role as global chief operating officer. Munk will continue in his role as Americas chief investment officer and will serve as head of Latin America.
Smith’s retirement and the succession plans were announced to investors in May 2017.
“Delivering superior investment performance and service to our clients hinges on our ability to effectively develop and promote our deep bench of talent. Cathy and Alfonso each bring significant real estate investment management experience and in-depth knowledge of our platform to their roles,” said Eric Adler, chief executive officer of PGIM Real Estate. “Throughout his nearly four-decade career at PGIM Real Estate, Kevin has served as a thoughtful and astute investor, partner and mentor, and embodied PGIM Real Estate’s client-centric culture and steadfast commitment to transparency and integrity. We thank Kevin for his tremendous contributions and wish him happiness in his well-deserved retirement.”
Since joining the company in 1998, Marcus has served in a range of transactions and portfolio management roles, including senior portfolio manager for PGIM Real Estate’s flagship core equity real estate fund. As head of the U.S. business, Marcus is responsible for the development and implementation of PGIM Real Estate’s strategy and operations in the United States, and has oversight of U.S. portfolio and asset management. She continues to globally oversee PGIM Real Estate’s business and investment operations in her capacity as global chief operating officer.
Munk joined the company in 2012 to help lead the Latin America business, and retained oversight of the day-to-day Latin America operations upon his appointment to Americas chief investment officer in 2015. Munk continues to oversee the U.S. and Latin America transactions teams in his capacity as Americas chief investment officer. As head of Latin America, Munk is responsible for the development and implementation of strategy and operations in Latin America, and has oversight of Latin America portfolio and asset management.
Supporting Marcus, Philip Barrett, PGIM Real Estate global chief investment risk officer, has assumed a new and expanded role managing the company’s day-to-day business and investment operations globally. Further, Len Kaplan, currently head of Customized Investment Strategies, was named global chief investment risk officer.
Adler continued, “I am confident that these collective leadership appointments will support our long-term business objectives, and enable PGIM Real Estate to continue to leverage the breadth of our global and on-the-ground regional resources on behalf of our clients.”
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of Sept. 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
With 14 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Sept. 30, 2017. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 17BDUFF-AU9R5Q