By Mario Marroquin
PGIM Senior Portfolio Manager Frank Garcia has departed from
his role at the financial services firm and joined Pretium as a managing
director and head of fund portfolio management. Garcia joins Pretium after 10
years at PGIM, where he served as senior portfolio manager for PGIM Real
Estate’s U.S. core equity fund.
The managing director joined Pretium October 17 and will serve
as the head of fund portfolio management for the firm’s single-family-rental
fund strategy, which is comprised of three separate funds targeting the sector.
“As we continue to strategically grow our real estate
investment platform, we are also thoughtfully enhancing the ways in which we
manage and optimize our portfolios,” Don Mullen, CEO and founder of Pretium
said in a prepared statement. “Having the right team in place is essential for
continued success and to create lasting value for our investors and all our
stakeholders.”
PGIM has $1.3 trillion AUM while Pretium has $44.1 billion AUM.
Garcia was replaced at PGIM by Joanna Mulford, who served as
a portfolio manager on PGIM Real Estate’s U.S. core equity fund for 14 years.