PARSIPPANY, NJ-One retirement, many leadership changes: Eric Adler will become global COO of Prudential Real Estate Investors, succeeding Dale Taysom, who will retire at the end of the year, PREI has announced.
During the transition, Adler will retain his current role as head of Pramerica Real Estate Investors, PREI’s European business. He will be assisted by a newly formed European executive committee consisting of Andrew Radkiewicz, Jan-Baldem Mennicken, Phil Barrett, Gerhard Wittl and Raimondo Amabile.
“A test of any business is its capacity to manage change so it maintains its competitive position over time,” says J. Allen Smith, PREI's CEO, in a statement. “During his 34 years at PREI, Dale has worked tirelessly on behalf of our clients and I will miss his partnership. 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 organization."
Dave Bradford has been named to the new post head of global client service, a role in which he will coordinate closely with the global marketing team led by Mark Chamieh and Les Lockwood. Bradford’s 17-year career at PREI has included several roles, including senior portfolio manager for PRISA, PREI’s flagship core commingled open-ended 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 overseeing Europe and Asia. Terry McHugh replaces Pratt as senior portfolio manager leading PRISA II, the company’s U.S. value-added open-end commingled strategy.
Kevin R. Smith, a 30-year PREI veteran who most recently was senior portfolio manager of PRISA, has become head of the US business. Cathy Marcus succeeds Smith as senior portfolio manager of the core strategy. She has been a portfolio manager for PREI’s core strategy since 2004.
Update: A spokesman for PREI tells GlobeSt.com in an e-mail: "Change is inevitable over time, so PREI has made some thoughtful and effective changes through the succession of opportunities opened by those two appointments to continue its tradition of strong portfolio management and expand its services to clients."
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