Cathy Marcus (left) and Raimondo Amabile
By Joshua Burd
PGIM Real Estate has picked two of its longtime executives as co-CEOs amid several newly announced appointments for the Newark-based asset manager.
In a news release last week, the company said Cathy Marcus and Raimondo Amabile will assume their new posts on Oct. 1 and will jointly run the business in an expansion of their existing global and regional roles. They have worked together for more than a decade, PGIM said, noting that they will retain their responsibilities as global chief operating officer and global chief investment officer, respectively.
The PGIM and Prudential Financial Inc. unit, meantime, announced several other moves that will become effective next month.
- Soultana Reigle, currently senior portfolio manager for U.S. equity value-add strategies, has been promoted to head of U.S. equity, replacing Marcus in that role.
- Sebastiano Ferrante, currently deputy head of Europe, has been appointed head of Europe.
- Enrique Lavin, currently deputy head of Latin America, has been appointed head of Latin America.
- Christina Hill will expand her existing Americas-focused asset management and global ESG responsibilities in a newly created role as global head of asset management and sustainability.
Reigle and Ferrante will assume the leadership roles in addition to their existing senior portfolio management responsibilities in each region, the news release said. Bryan McDonnell will continue in his role as head of U.S. debt and agriculture and chair of global debt, while Benett Theseira will remain head of Asia Pacific.
The changes follow the formation of PGIM Private Alternatives under the leadership of current PGIM Real Estate CEO and President Eric Adler, who will look to position the PGIM brand as a leading private alternatives manager with $310.9 billion in assets under management. Those strategies are managed by PGIM Real Estate, PGIM Private Capital and Montana Capital Partners, which focuses on private equity secondaries.
“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. “Delivering strong, long-term returns and outstanding service to our clients hinges on our ability to effectively develop our talent and execute robust succession planning. 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.”
