Newark-based PGIM Real Estate on Wednesday said it appointed Cathy Marcus and Raimondo Amabile as co-CEOs, effective Oct. 1. Marcus and Amabile will jointly run the business in an expansion of their existing global and regional roles, having worked together for over a decade.
Marcus will retain her responsibilities as global chief operating officer, and Amabile will retain his responsibilities as global chief investment officer.
In addition, the following appointments are being made, effective Oct. 1:
- 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 environment, sustainability & governance responsibilities in a newly created role as global head of asset management and sustainability.
Reigle and Ferrante will assume these leadership roles in addition to their existing senior portfolio management responsibilities in each region.
Bryan McDonnell will continue in his role as head of U.S. debt & agriculture and chair of global debt, and Benett Theseira will continue in his role as head of Asia Pacific.
The changes follow the Wednesday announcement of the formation of PGIM Private Alternatives under the leadership of current PGIM Real Estate CEO and President Eric Adler. PGIM Private Alternatives brings together the firm’s private alternatives capabilities in order to provide global investors with a cohesive set of investment solutions across private credit, real estate equity and debt, private equity, infrastructure and agriculture.
In his new role, Adler will position the PGIM brand as a leading private alternatives manager with $310.9 billion in assets.
“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, decadelong 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.”