Prudential’s asset management arm PGIM will expand its presence in Australia with the creation and appointment of the top wealth management role for the country.
Benjamin Price has been named to the newly created role of managing director, head of Australia wealth at New Jersey-headquartered PGIM, according to a statement, in an effort to tap into the country's wealth and wholesale market.
Based in Sydney, Price is responsible for PGIM’s wealth management distribution strategy to the Australian intermediated wholesale advice market, including private banks and advisory firms servicing high net worth individuals and sophisticated investors.
Price has nearly 20 years of experience in the wholesale and private wealth market, most recently with Macquarie Asset Management as its head of wholesale in Australia.
PGIM in Australia
PGIM’s Australia business houses 24 employees across four divisions including PGIM Real Estate, PGIM Private Capital, PGIM Fixed Income, and the PGIM Institutional Relationship Group.
As of February 7, PGIM manages A$3.5 billion ($2.6 billion) in real estate private equity and debt assets alongside A$6.9 billion in loans to Australian and New Zealand corporations.
«While PGIM has an established local investment presence in real estate and private capital, as well as an institutional distribution and servicing capability, we are now broadening our focus to include the wholesale market and private wealth,» said Cameron Sinclair, managing director of PGIM Institutional Relationship Group for Australia and New Zealand.
«The step into wholesale for PGIM naturally follows the evolution of financial advice over recent years, the growth of Australia’s private wealth segment, and changes to how clients are constructing and implementing their portfolios.»
