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.