Back in January, Scott Girard, the long-serving Asia chief executive officer of M&G Real Estate, the real estate investment management business of UK insurer Prudential, announced he was stepping down from his role. Chiang Ling Ng, acquisitions director in M&G’s Singapore office, assumed Girard’s position.
Girard, who was based in Singapore, had intended to relocate to Australia to re-join his family, the announcement said. Upon leaving, Girard remained a senior adviser to the firm, little did he realize he was about to return for another year-long stint.
Last month, had returned as the interim fund manager for M&G’s core Asia property strategy after the departure of another of the firm’s long-standing servants, Erle Spratt, who previously held the position. Spratt left in August to pursue ‘other opportunities’.
According to M&G, in addition to assuming Spratt’s role, Girard will also be working closely with Ng and the Asia management team to work towards an orderly succession plan for his eventual departure so as to ensure the firm’s core strategy remains unaffected.
M&G operates one of the oldest and largest open-ended core real estate funds in the region. The fund had $2.5 billion in assets under management as of June 30, including $1.8 billion of equity invested and $449 million in dry powder left to deploy.
M&G is also still raising capital for the strategy and has prospective investors at various stages of due diligence, including one commitment of $30 million which is subject to documentation, PERE understands.
Girard joined M&G Real Estate in 2006 before working his way in to the top Asia job in 2010. He has worked in Asian real estate capital markets since 2002. Previously based in Korea and Japan for advisory firm Jones Lang LaSalle, he has been
involved in investments, corporate finance, research and property advisory at senior levels for a wide range of clients. Girard started his career in Australia in 1995 with ANZ Funds Management.