As of 1 October 2023, Cathy Marcus and Raimondo Amabile were appointedCEOs at PGIM Real Estate. The Fondsfrauen conducted an interview with Cathy Marcus. We wanted to know from the newly appointed Co-CEO 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.
Mrs Marcus, what makes your promotion to Co-CEO at PGIM Real Estate so special?
I wouldn't necessarily describe my promotion as special, but having worked for PGIM Real Estate for more than 25 years in various roles, it is of course a privilege to lead the company alongside Raimondo Amabile, my co-CEO. Under the leadership of Eric Adler, who has stepped aside as President and CEO to take on another role within PGIM, PGIM Real Estate has grown into one of the largest and most diverse property investment managers in the world. Our position gives us a unique perspective on this asset class, and for someone as passionate about property as I am, there is no better place to be.
Which projects will you tackle first in your new role?
My biggest priority is always the same: to manage our clients' investments responsibly. In a market like this, we benefit from a very diversified platform and can decide over the long term where we see value. My aim is to identify risks, but also to proactively address strategic growth opportunities in our investment universe. We are looking for long-term structural growth drivers, so we like data centres, for example, as we believe that the global demand for data will continue to grow in the coming years. Similarly, we like senior housing as long-term demographic trends indicate that more people are living longer and there is a growing demand for housing with targeted amenities.
What particular challenges do you face as Global Chief Operating Officer at an asset manager that manages illiquid asset classes?
Liquidity is always an important factor in an asset class like property, but the dominant factor in this market is the slow revaluation of private assets.
Generally speaking, as COO I am responsible for all the people who make sure everything runs smoothly - from operational risks and investment risks to compliance and investor services. Being one of the largest property investment managers in the world means you have to think globally. But when you do, you create powerful synergies across markets, asset classes and teams that, when done right, significantly benefit our investors.
PGIM Real Estate actively pursues talent development and succession planning. What have you personally found most useful in these activities?
PGIM Real Estate takes a very proactive approach to both talent development and succession planning. If you look at our senior management team, you will see that the vast majority have been with us for many years, if not decades. And if someone leaves the company, we can often fill that position with someone from within the company. I myself joined in 1998 and have been able to experience many aspects of the property business within PGIM Real Estate in over 25 years: From portfolio management to transaction management and most recently as Head of US Equity and Global COO. This experience now allows me to build on our broad experience and continue to shape our global footprint over the coming years.
Many Thanks for the interview!
Foto-Quelle: PGIM Real Estate
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.