Jonathan Pruzan, former chief operating officer at Morgan Stanley, is joining single-family rental giant Pretium as the company seeks to continue its rapid growth.
(Bloomberg) — Jonathan Pruzan, former chief operating officer at Morgan Stanley, is joining single-family rental giant Pretium as the company seeks to continue its rapid growth.
Pruzan, once seen as a contender to succeed James Gorman as chief executive officer of Morgan Stanley, is joining Pretium as president, according to a person familiar with the matter who asked not to be identified. The Wall Street Journal reported the move earlier.
Pruzan left Morgan Stanley earlier this year after a 28-year run at the bank, during which time he was a close adviser to Gorman and played a key role in the bank’s recent acquisitions including the deals for E*Trade and Eaton Vance.
The hire signals Pretium’s desire to keep growing at a time when a sluggish housing market is limiting opportunities to expand in real estate.
Pretium, founded by former Goldman Sachs Group Inc. partner Don Mullen, built up its real estate business rapidly during the pandemic, buying rental houses in large transactions with competitors, homebuilders and other industry players.
Higher interest rates over the past year have made it harder to expand the company’s rental portfolio. The firm, which has more than $50 billion in assets under management, also operates corporate and structured credit strategies that could offer better avenues for growth.
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