Published by WealthBriefingAsia – 9th February 2015
The US financial services giant has increased the Asia presence of its real estate investment business.
Pramerica Real Estate Investors, part of US-listed Prudential Financial, has reorganised its Asia-Pacific leadership structure to pursue growth and boost its Japanese capabilities.
Benett Theseira, head of Southeast Asia, will become the head of PREI’s Asia-Pacific business, while Morgan Laughlin, head of Asia-Pacific, will become the head of Japan.
PREI is the real estate investment and advisory business of Prudential Financial.
Under the new structure, Theseira will retain his role as senior portfolio manager of Pramerica Asia retail and Laughlin will continue to represent Asia-Pacific on PREI’s global product development committee. Additionally, Laughlin will assume Theseira’s role as chairman of the Asia-Pacific investment committee. These changes are effective 1 April 2015.
“For more than three years, Benett has led our Southeast Asia business, including our Singapore office, which is PREI’s largest presence in Asia Pacific,” said Eric Adler, PREI’s chief executive. “He brings more than 20 years of real estate experience and has a long and successful track record investing in Asia-Pacific real estate.”
“Japan is a large and important real estate investment market and we are well positioned to capitalise on the opportunities Japan offers our investors, given Prudential’s presence in Japan and Morgan’s more than 10 years of experience in Japanese real estate investment – coupled with his desire to focus on that market,” he continued.
PREI’s Asia-Pacific business had $6.8 billion in gross assets under management ($4.9 billion net) as of 30 September 2014, and manages multiple fund products, including a Southeast Asia retail sector strategy, a pan-Asia multi-sector strategy, core plus strategies in key Asia-Pacific markets and real estate securities.
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