Prudential Financial Inc. is the second biggest life insurer in the United States. The company hired Frank Garcia as its managing director. The move was after the Prudential ssought to expand investment in its main US real estate fund.
In a statement issued today, New Jersey-based insurer Newark said that Garcia would be Prudential's fourth portfolio manager for the company's core open-ended real estate strategy. Frank Garcia previously held a position at Deutsche Bank AG, managing property investments at Deutsche Bank.
Prudential Financial is looking to expand its core real estate business in the US market. The insurer would use the strategy to broaden retirement plans and get investors outside the United States. Prudential would then invest in real estate to generate income and back up insurance policies.
The real estate unit of Prudential currently holds USD53 billion in assets. The company had hired several dealmakers to expand in the Latin American and Asian markets. This month, Prudential Financial had also promoted Eric Adler as its Chief Executive Officer.
Cathy Marcus, a senior portfolio manager for Prudential's real estate fund said that Frank Garcia's background would help the company as it seeks investment opportunities on top of its growing client base.
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