Prudential Financial Inc., the second-largest U.S. life insurer, promoted Eric Adler to chief executive officer of the real estate investment unit overseeing about $53 billion in assets.
Adler, who has been chief investment officer of Prudential Real Estate Investors, will replace Allen Smith, who was hired to become CEO of Four Seasons Hotels and Resorts, according to a statement today from the Newark, New Jersey-based insurer.
Prudential invests in real estate to generate fee income and back insurance policies. The unit has hired dealmakers to expand in Latin America and Asia. Adler joined PREI in 2010 as head of European operations.
“Eric’s knowledge of global real estate markets brings a fresh view that will help us strengthen our current client relationships and build new ones as we seek to expand PREI’s business, particularly beyond its strong, well-known U.S. franchise,” David Hunt, CEO of Prudential Investment Management, said in the statement.
Adler previously worked for Tishman Speyer Properties LP and Morgan Stanley. He graduated from the University of Arizona and has a graduate business degree from HEC Business School in France.