Pramerica Real Estate Investors (PREI), the real estate investment and advisory arm of US insurer Prudential Financial, has named Yen Keng Tan as a director in portfolio management for Asia, according to a firm statement.
Reporting to chief investment officer for Asia Eryck Su, Tan is responsible for developing new strategic and separate account relationships in Asia, with a focus on Malaysia.
As of now, PREI has no investors from Malaysia, though it has secured significant commitments and even separate account mandates from investors in other Asian countries, such as Korea’s National Pension Service (NPS).
Tan joined PREI from Deutsche Bank, where he was most recently a portfolio manager and global relationship manager at RREEF Real Estate. At RREEF, he played a role in raising and investing more than US $2 billion over three years. He joined Deutsche Bank in 2006 as the head of research and strategy for Asia Pacific. Earlier, he was chief analyst at DTZ.
His arrival is the latest part of PREI’s regime change in Asia following regional head Morgan Laughlin’s arrival last year.
PREI’s Asia team now has 90 professionals across its Singapore and Hong Kong offices although it closed its Beijing office in a move that saw 10 China staff depart.
Nonetheless, it has been active raising capital for its large, core, open-ended retail real estate fund and has partnered Chinese conglomerate Fosun for a mixed-use development joint venture.