Prudential’s Gallagher to Help Run European Investments

Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, said Michael Gallagher will help manage its European real estate securities as the firm builds operations outside the U.S.

Gallagher, named a director and portfolio manager, will help run the Prudential Global Real Estate Fund, the Newark, New Jersey-based insurer said today in a statement. He joined the company last year from Aviva Plc (AV/) as an associate portfolio manager for European real estate securities. John Chartier, a Prudential spokesman, declined to comment.

Prudential has been adding staff to bolster real estate operations in Asia, Europe and Latin America. It managed about $36 billion in net real estate assets as of Dec. 31, according to the statement.

“Michael has extensive experience working for a number of institutions in European real estate securities and knows that market extremely well,” Marc Halle, managing director and senior portfolio manager, said in a telephone interview. “There are definitely opportunities in Europe.”

To contact the reporter on this story: Kathleen Chaykowski in San Francisco at kchaykowski2@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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