Prudential Hires Grosvenor’s Su for Asia Real Estate
Prudential Financial Inc. (PRU) hired Eryck Su as managing director and chief investment officer of its Asia-Pacific real estate business as the second-largest U.S. life insurer pursues deals in China.
Su joins Prudential Real Estate Investors from Grosvenor Fund Management, the Newark, New Jersey-based insurer said in a statement yesterday. Su will lead PREI’s strategy in China and oversee regional acquisitions and dispositions while helping with portfolio management. He’ll be based in Hong Kong.
Prudential is expanding real estate operations outside the U.S. as the company seeks to generate fee income from investors. The insurer hired Morgan Laughlin in March to run the Asia operation and said this week it joined a venture in Abu Dhabi to acquire luxury residences on the emirate’s Saadiyat Island.
Su “brings a range of debt and equity investing experience that will expand our team’s ability to build strong partnerships in the region and find the best possible investment opportunities for our clients around the world,” Laughlin said in the statement.
PREI had about $4.5 billion in net assets under management in Asia as of Dec. 31, up from $3.9 billion 18 months earlier, according to company statements.
Su was managing director and head of Greater China for closely held Grosvenor, according to Prudential. A call to London-based Grosvenor for comment wasn’t immediately returned. Su was previously the Asia-Pacific head of acquisitions at Deutsche Bank AG’s real estate investment management division.
He has a bachelor’s degree in economics from the University of Sydney and a graduate diploma in banking from Monash University in Melbourne.
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