Key investment opportunities emerge from real estate downturn
PGIM Real Estate’s Australian head Steve Bulloch anticipates more challenges to come for some assets in the country’s commercial real estate market this year.
Asia continues to be the largest business region for PGIM outside of the US, contributing about US$300 billion in AUM. With the rapid rise in HNW investors, David Hunt is keen to seek even greater market share in this part of the world.
The group’s CEO is seeing demand among HNW investors in Asia who have grown to like the institutional way of managing investments. The US$1.5 trillion global asset management business of Prudential Financial has had a presence in Asia, managing portfolios for more than 20 years.
Most of PGIM’s business has been focused on institutional clients such as large, sophisticated sovereign wealth funds and pension funds, but recently it expanded into the HNW and private banking segment. “And what we have seen is a real spike in demand from wealthy investors in Asia, and also across the world for strategies that have long had their roots in institutional markets,” Hunt told Asian Private Banker.
“The fact that highly sophisticated organisations have invested with us, obviously demand a very high level of risk management of compliance – and HNW clients really like that,” he said.
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PGIM Real Estate’s Australian head Steve Bulloch anticipates more challenges to come for some assets in the country’s commercial real estate market this year.
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