PRUPIM hires former Barclays Global Investors chief

The property investment division of UK insurer Prudential has appointed Malcolm Smith as chief operating officer. It comes as the real estate investor continues to dispose of assets. The firm has sold six properties in the UK since January.

PRUPIM, the real estate management arm of UK insurance company Prudential, has hired former Barclays Global Investors chief Malcolm Smith.

Smith was former managing director and chief operating officer of Barclays’ investment management division responsible for new products and services. Prior to Barclays, Smith was head of PricewaterhouseCoopers’ investment management consulting arm.

He joins PRUPIM as chief operating officer, the firm said in a statement.

PRUPIM managing director Martin Moore said the hire came at a time when the firm was consolidating its position in the UK and overseas and planning for its growth in the future.

In March, PRUPIM sold a long lease on City Place House, a core office in London’s financial district, to AEW Europe for £67 million (€72 million; $98 million).

Since January, PRUPIM has sold six properties in the UK, according to data provider Real Capital Analytics, including Old George Mall, in Salisbury, England, a three-storey shopping centre which was a joint venture with Rockspring Property Investment Managers. PRUPIM sold the property in January for £60 million to private equity real estate firm, Doughty Hanson.