Pramerica Real Estate Investors, the global real estate investment management arm of Prudential Financial, has made a number of changes to its senior team. According to a statement from the Parsippany, New Jersey-based firm, these changes include naming a successor for its global chief operating officer, a leader for the newly-formed global client services team and a new head of its US business.
Dale Taysom, global COO, has announced his intention to retire at the end of 2012. Eric Adler will succeed Taysom and work closely with him throughout the year to transition into the role while retaining his current role as head of the company’s European business, which is based in London.
“During his 34 years at the company, Dale has worked tirelessly on behalf of our clients, and I will miss his partnership,” said J. Allen Smith, Pramerica’s chief executive, in a statement. “We are heartened to have the depth of talent that enables us to handle his departure without disrupting the service our investors expect of our organisation.”
Additionally, Dave Bradford has been named head of global client service. In this newly created post, Bradford will coordinate with the global marketing team led by Mark Chamieh and Les Lockwood.
Bradford has held several roles through his 17-year tenure at the firm, including senior portfolio manager for PRISA, Pramerica’s open-ended US core fund, and head of non-US investment operations. Roger Pratt and Broderick Storie will work together to manage Bradford’s previous responsibilities as chief risk and investment officer, with Pratt covering the US and Latin America and Storie responsible for Europe and Asia.
A spokeswoman for Pramerica told PERE that “these organisational changes have grown in part from the anticipation of Taysom's retirement”. She added that the appointments of Adler and Bradford have resulted in additional staff moves to fill their previous roles.
In yet another move, Kevin Smith, who most recently served as senior portfolio manager of PRISA, will become head of the US business, effective immediately. Smith has been with Pramerica for 30 years in a number of portfolio and asset management roles. Cathy Marcus, a PRISA portfolio manager since 2004, has succeeded Smith as senior portfolio manager of the core strategy.
Finally, Terry McHugh has been appointed senior portfolio manager to replace Pratt and lead PRISA II, the company’s open-end value-added strategy. McHugh has been a long-time member of the PRISA II portfolio management team.