Compliance - Newark, NJ | Madison, NJVice President, Deputy CCO Real Estate
About the position
PGIM’s Real Estate businesses, which includes PGIM Real Estate and PGIM Real Estate Finance, is seeking a senior compliance professional knowledgeable in alternative asset classes, private funds and investment advisory issues to assist its Global Head of Compliance in overseeing a full range of compliance matters that arise in connection with PGIM's asset management activities in the Americas region (including the United States and Latin America). The global real estate investment management and real estate lending units of PGIM, Inc. (PGIM) have gross aggregate assets under management or administration of nearly $165 billion as of September 30, 2018. Headquartered in Madison and Newark, New Jersey respectively, PGIM’s Real Estate businesses operate in over 20 offices across the United States as well as non-US locations in Frankfurt, London, Luxembourg, Munich, Paris, Mexico City, Hong Kong, Seoul, Singapore, Shanghai, Sydney and Tokyo.
The candidate will report to the PGIM Real Estate Global Head of Compliance. This position has significant visibility with senior management and direct interaction with global portfolio management, distribution and operations.
PGIM Real Estate and PGIM Real Estate Finance are the real estate investment businesses of PGIM, Inc., a registered investment adviser, which offers a wide range of investment products and services to institutional and retail clients through its specialized asset management units. Redefining the real estate investing landscape since 1970, PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt, and securities investment strategies that span the risk/return spectrum. Its full-service, commercial and multifamily mortgage finance business leverages a 140-year history of real estate finance to offer one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac and specialized affordable housing programs; FHA; Prudential’s general account; and other institutional investors.
The VP, Americas Compliance will assist the PGIM Real Estate Global Head of Compliance in discharging the firm’s overall compliance program with particular focus on the Americas businesses, including its operations in the United States and Latin America. The position is supported by eight US-based associates and two Mexico-based associates. The position requires a candidate with strong management skills and an ability to develop relationships, sometimes from afar, with staff and senior business executives in the region. This position will also be expected to act as backup to the PGIM Real Estate Global Head of Compliance in interfacing with senior business managers in the Americas; participation in governance committee; and, representing the unit in matters relating to non-US regions, when the CCO is not available or as resource constraints dictate.
The incumbent will be expected to be thoroughly knowledgeable about the PGIM Real Estate and PGIM Real Estate Finance Compliance Programs and to assist in leading and developing both junior and seasoned members of the compliance team. Candidates must possess a deep understanding of the Investment Advisers Act of 1940, and other related federal securities laws such as ERISA, and the Foreign Corrupt Practices Act. The incumbent will be expected to provide strategic direction to the unit's activities as well as engage in direct compliance support of PGIM Real Estate product initiatives and other activities. The individual will be expected to establish a significant presence in the area of real estate asset management compliance through participation on industry working groups and other activities. The role has responsibility for compliance monitoring, support of marketing activities, compliance training, creating and implementing new policies and procedures, and forensic testing. In addition, the position will assist in monitoring business activities to ensure they are performed in compliance with Company policy, securities laws, and SEC, FINRA, state insurance and applicable foreign regulations. The incumbent will play a key management role within the PGIM Real Estate Compliance organization and assist the Global Head of Compliance in the overall activities of the unit.
The position will also support the broader PGIM Compliance organization with cross-business initiatives and compliance projects across PGIM’s other global business units in collaboration with their chief compliance officers. The incumbent will lead multiple projects that strengthen and maintain compliance activities within PGIM Real Estate and more broadly across the organization. The incumbent will also partner with the Law Department on a regular basis to analyze changes to regulatory requirements and proactively manage regulatory developments and changes.
Promote, protect and set the tone to reflect the Company's reputation for ethics, integrity and honesty in all dealings.
- Position requires periodic travel to the numerous US offices, but primarily Atlanta, Arlington, Chicago, Dallas, San Francisco; as well as to Latin America, primarily Mexico City.
- Position requires the ability to manage a local team as well as individuals in remote locations.
- Assist the PGIM Real Estate Global Head of Compliance with matters such as new product development, risk governance committees, compliance metrics; and, act in the support of matters involving the non-Americas businesses where necessary.
- The development and continued fostering of relationships with all levels of PGIM Real Estate management, particularly those in the Americas, to ensure that appropriate regulatory processes and controls are established and documented within the areas of responsibility.
- Monitor the effectiveness of established compliance processes and controls and recommend and implement enhancements.
- Assist management with identifying and resolving regulatory issues both within the business unit and across multiple business units.
- Assist regulators, auditors and business unit management with regulatory exams and inquiries.
- Develop and effectively administer a compliance monitoring program including, but not limited to, portfolio reviews, anti-money laundering, client documentation, gift and entertainment reporting, FCPA reporting, new account reviews, etc.
- Develop, organize, and deliver consistent compliance related training, and reinforce all compliance-related communications.
- Assist in coordinating global compliance activity in all PGIM Real Estate offices.
Professional working proficiency in Spanish preferred.
Bachelor's degree strongly preferred. JD, MBA, advanced degree or other relevant professional designation preferred.
Deep understanding of Investment Advisers Act of 1940, the Investment Company Act of 1940; other federal securities laws and rules thereunder; ERISA, and Foreign Corrupt Practices Act.
Ten plus years of compliance experience, primarily in an investment management organization, Real Estate experience and/or experience in alternative asset classes.
Experience in managing staff and business constituents remotely.
Experience with Anti-Money Laundering, Bank Secrecy Act, USA PATRIOT Act requirements and analogous laws in Latin America.
Experience with Reg AB and Fannie/Freddie originations & underwriting guidelines; Mortgage Servicing Rights (MSR’s); rating agencies (S&P, Fitch, Morningstar) mortgage servicing requirements.
Proven communication, analytical and project management skills.
Strong relationship management and leadership skills are desired, including experience and ability in dealing with senior management.
Ability to reach sound judgments and act quickly under tight deadlines.
Experience in managing and leading a team.
Regular travel between Madison, NJ and Newark, NJ offices is required.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.
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