Pramerica Investment Management (PIM) is to rebrand as PGIM in January 2016 to reflect its continued global expansion, but the name change won't take effect at its real estate investment and financing businesses until the middle of next year.
Pramerica Investment Management (PIM) is to rebrand as PGIM in January 2016 to reflect its continued global expansion, but the name change won't take effect at its real estate investment and financing businesses until the middle of next year.
PIM is the $947 bn (€880 bn) investment management business of New York-listed Prudential Financial.
The new name, effective 4 January 2016, is designed to reflect its position as one of the world’s largest asset managers and its 'deep expertise across a broad set of asset classes', the investment manager said.
PIM's two real estate businesses, Pramerica Real Estate Investors (PREI) and Pricoa Mortgage Capital Company, will take on the new branding in mid-2016. Both divisions will, however, remain autonomous and be led by their current teams.
Pricoa Mortgage Capital Company will become PGIM Real Estate Finance. Its European business, based in London, has underwritten €1.2 bn of loans so far this year and hopes to double new business over the whole of 2015, PropertyEU reported in October. Pricoa’s loan book in Europe totals €2.3 bn, which it has built up in the past four years.
Pramerica Real Estate Investors (PREI) will be renamed PGIM Real Estate globally in mid-2016. PREI features in 57th place in PropertyEU's latest ranking of top investors in European real estate by assets under management. The investor had €6.9 bn of European real estate and €55.4 bn under management globally at end-June 2015.