MADISON, NJ-Eric Adler will become the new CEO of Prudential Real Estate Investors as of September, succeeding Allen Smith who will become president and CEO of Four Seasons Hotels and Resorts.
Prudential Financial Inc., PREI’s parent and the second-largest US life insurer, promoted Adler to the top position overseeing about $37 billion in private equity real estate only three years after he joined the company.
Smith, who spent 26 years with PREI and five years as CEO, said he will remain through September when Adler takes the helm. Smith was selected for his new job after an extensive global search overseen by Four Seasons’ long-term shareholders, Kingdom Holding Company, Cascade Investment and Triples Holdings. Smith, 56, will take up his new position on September 23.
He originally joined PREI as a member of its hotel investment group.
Adler is currently PREI’s chief investment officer. He joined PREI in 2010 as head of its European operations and was promoted to CIO in January following the 2012 retirement of Dale Taysom. Adler was on track to succeed Taysom, but Allen’s departure catapulted him to top job at one of the world’s biggest private real estate investment platforms.
Adler currently serves on PREI’s Global Management and Global Operating Committees and chairs the Global Investment Committee. There has been no announcement on a successor to Adler in that postion.
“Eric has proven himself a terrific leader, working closely with Allen (Smith) to position the firm for growth around the world,” said David Hunt, CEO of Prudential Investment Management. “While we will miss Allen and wish him all the best in his new role, I am thrilled to have the depth of management talent that enables us to continue to build our business.”
Hunt said the company looks to Adler to expand PREI’s business, “particularly beyond its strong, well-known U.S. franchise.”
Before joining PREI, Adler co-directed Tishman Speyer‘s European activities and was a member of its Global Management and Investment committees. Previously, he led Morgan Stanley‘s MSREF’s activities in Germany, France, Italy and Spain. Before that, he worked for Credit Lyonnais and Unibail in Paris.
PREI’s global real estate investment management business invests in private and public opportunities in the U.S., Europe, the Middle East, Asia, Australia and Latin America. PREI has its headquarters in Madison, and other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Frankfurt, Paris, Istanbul, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo.
The company also has representatives in Milan and is establishing a presence in Sydney. By the most recent report, PREI manages $53 billion in gross real estate assets ($37.3 billion net) on behalf of more than 490 clients worldwide.