The international private arm of Prudential Financial’s global investment management business, PGIM, is opening a Sydney office to focus on expanding Pricoa Capital Group’s Australia/New Zealand portfolio, which is worth nearly US$3 billion ($3.89 billion).
Pricoa vice president, Michael Jones, said the establishment of a Sydney office was paramount for the businesses as it looked to grow across the region, and had positioned it well for business opportunities.
“It’s a business imperative for us that we make the commitment to know and understand clients’ local economy and culture to truly understand their businesses,” he said.
“Having a local presence demonstrates our commitment and fosters a long-term relationship with companies.”
In Australia, Pricoa would be a private placement division of PGIM Australia, which also operated real estate investment business company, PGIM Real Estate Group.
Chicago-based Pricoa managing director and head, Marie Fioramonti, said Australia provided a solid niche for the company.
“Australia is one of the most dynamic and exciting markets within our global reach. Thus it makes sense for us to have people on the ground to expand our business,” she said.
Pricoa Capital Group managed a total portfolio of more than US$23 billion as at 31 December 2016.
