Feb. 27 (Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, hired Yen Keng Tan from Deutsche Bank AG to bolster its business investing client funds in Asian real estate.
Tan will be based in Hong Kong and report to Eryck Su, chief investment officer in Asia for Prudential Real Estate Investors, the company said yesterday in a statement.
The insurer and larger rival MetLife Inc. have been expanding real estate offerings in a push for fee income. Newark, New Jersey-based Prudential has been pursuing growth outside the U.S., hiring Ezequiel Rodriguez last month to run real estate operations in Mexico. Su was hired last year from Grosvenor Fund Management.
Tan will work in “portfolio management, responsible for developing new strategic and separate-account relationships in Asia, with a focus on Malaysia,” according to the statement.
He joined Deutsche Bank in 2006 and worked there most recently as a portfolio manager and global relationship manager at RREEF Real Estate where he raised and invested more than $2 billion over three years, according to the statement. A graduate of the University of Putra Malaysia, Tan is fluent in Malay, Mandarin and Cantonese, Prudential said. He has an MBA and doctorate from the University of Western Sydney.
PREI managed $53.9 billion in gross real estate assets as of Sept. 30, compared with $51.2 billion a year earlier. The business has about 670 employees and operates from 22 locations, according to its website. Tom Vogel, a spokesman for Deutsche Bank, declined to comment.
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