PRUPIM Asia CEO appointed

PRUPIM Asia, the Asia fund management business of Prudential, has appointed Scott Girard as chief executive officer of its real estate investment management business.

In an announcement made today, Prudential said Girard would assume the role from Alex Hambly, who is to focus on his role as chief executive of Prudential’s private equity business.

Girard will combine the role with his current position of chief investment officer. His primary duty will be to oversee the management of the business as well as the investment strategy for PRUPIM’s funds in Asia. The platform has invested across the region, including in prime office and retail locations. Investments made include the Westfield Doncaster in Melbourne and the Tennoz First Tower and Shinagawa-ward in Tokyo.

Girard has a background in real estate investments, corporate finance, research and property advisory services. As well as Jones Lang LaSalle, he also previously worked for ANZ Funds Management.

PRUPIM Asia is a 50:50 joint venture between London-based PRUPIM and Hong Kong-based Prudential Corporation Asia. As of December 31 2009, PRUPIM Asia managed more than £1.5 billion (€1.67 billion; $2.27 billion) of equity.

The firm runs an Asia open-ended real estate fund jointly with LaSalle Investment Management as well as a closed-ended Vietnam focused private equity-style vehicle. In addition, it also manages various separate accounts.

Prudential is currently in the process of taking over the Asia insurance business of AIG. According to a recent report by Reuters, the board of AIG has approved a sale worth $35.5 billion. AIG is 80 percent owned by the US government.