PGIM Investments is expanding into Italy, having opened an office in Milan.
The firm said that it had hired Alessandro Aspesi as its head of Italy, a newly created role that he took up at the beginning of February. PGIM Investments said it was waiting for regulatory approval before its Milan office would begin operations.
Stuart Parker, president and chief executive of the company, said in a statement: “Building our global client platform with exceptional local leadership is a top priority for PGIM Investments and in the current competitive environment, we are delighted with the recent success of our European business. We have previously utilised the distribution capabilities of a local partner in Italy. As our European footprint has evolved and strengthened, we are now in a position to enter the market directly using PGIM’s European distribution efforts to continue to strengthen our existing partnerships.”
Aspesi joins PGIM Investments after more than a decade at Columbia Threadneedle Investments as country head for Italy leading a team of nine people. He previously worked in relationship management and distribution roles at UBS Global Asset Management, Invesco Asset Management and BNP Paribas Asset Management. PGIM Investments joins PGIM Real Estate and PGIM Private Capital in Italy, that are already operating in the region with dedicated on-the-ground presence.
According to PGIM Investment’s website, it seems that its new Milan office will be centred around real estate and private capital. It should be no surprise that PGIM Investment would be opening an office in Italy, given that it acquired three logistics facilities in the country last year that it said was part of its ‘European core strategy’.
A release from that time said: “In 2020, PGIM Real Estate announced a dedicated on-the-ground presence in Italy, appointing Musie Bocrezian as head of transactions for Italy. Based in the group’s Milan office, Bocrezian leads PGIM Real Estate’s efforts to source and execute investment opportunities in the country.”
See also: PGIM pursues hearts and minds in Europe