Prudential Hires Morgan Stanley’s Rossi For Brazil PostElizabeth Bunn
Prudential Financial Inc., the second-largest U.S. life insurer, hired Adriana Drulla Rossi to help manage real estate investments in Brazil as the company builds operations in Latin America.
The former Morgan Stanley investment-banking and private-equity analyst will report to Fernando Herrera, regional director of investments, according to a statement today from the real estate arm of the Newark, New Jersey-based insurer.
Prudential Real Estate Investors has been expanding in Latin America, where the company makes deals on office, industrial, residential and retail properties. In July, the insurer announced the hiring of Alfonso Munk from Morgan Stanley to oversee more than $3.2 billion in assets for the Latin America unit, which does business in nations including Brazil, Chile and Mexico.
“Adriana’s real estate investment experience adds tremendous depth to PREI’s global real estate asset management capabilities,” Munk said in a statement. “She adds to the strength of our existing team and demonstrates our commitment to expand our business and provide our clients with the best investment opportunities in the region.”
Economic growth in Latin America is projected to quicken to 3.6 percent in 2013, compared with 2 percent in the U.S. and contraction in the region that shares the euro, according to economists’ forecasts compiled by Bloomberg.
At Morgan Stanley Real Estate Investing, she was involved in transactions in the U.S. and Brazil, Prudential said. New York-based Morgan Stanley plans to eliminate about 1,600 jobs from its investment bank and support staff in coming weeks, a person with direct knowledge of the matter said this week.
PREI managed $51.2 billion in gross real estate assets on behalf of about 500 clients worldwide as of Sept. 30, up from $48.6 billion a year earlier.