PGIM Real Estate has appointed Cathy Marcus and Raimondo Amabile as Co-Chief Executive Officers with effect from 1 October 2023. Marcus and Amabile will jointly lead the company, expanding their existing global and regional roles. From our observation, shared leadership positions work best when the two have known and trusted each other for a long time, and it is the same here: Marcus and Amabile have been working together for more than a decade.
Cathy Marcus will remain Global Chief Operating Officer, and Raimondo Amabile will also retain his role as Global Chief Investment Officer.
The changes result from the formation of PGIM Private Alternatives under the leadership of Eric Adler, the current President and CEO of PGIM Real Estate. PGIM is a private alternatives manager with USD 310.9 billion in assets under management/assets under administration. The strategies are managed by
- PGIM Real Estate (property and agriculture)
- PGIM Private Capital (Private Credit, Infrastructure Debt)
- Montana Capital Partners (private equity secondary market)
PGIM is the global investment manager of the US insurance group Prudential Financial, with assets under management of more than USD 1.2 trillion and offices in 18 countries.
Eric Adler commented: "Cathy and Raimondo are well positioned to lead PGIM Real Estate, having expanded their global and regional responsibilities in recent years through a series of leadership roles and having driven PGIM Real Estate's strategic initiatives worldwide during their more than a decade of working together."
In addition to the installation of the new top management, there will be further personnel changes at PGIM Real Estate on 1 October 2023:
- Soultana Reigle, currently Senior Portfolio Manager for US Equity Value Add strategies, has been promoted to Head of US Equity, succeeding Cathy Marcus in this role. Soultana Reigle will retain her current portfolio management responsibilities.
- In her newly created role as Global Head of Asset Management and Sustainability, Christina Hill will expand her previous responsibilities in asset management and the global ESG area.
- Sebastiano Ferrante, currently Deputy Head of Europe, has been appointed Head of Europe. He will retain his current responsibilities in portfolio management.
- Enrique Lavin, currently Deputy Head of Latin America, has been appointed Head of Latin America.
In the next article you can read an interview with the new Co-CEO Cathy Marcus. We want to know from her which projects she will tackle first in her new role and which talent development and succession planning she has personally found most useful at PGIM.
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.