Updated with correction, Sept. 13, 2012
Terri Herubin was named portfolio manager of the $1.7 billion Cornerstone Patriot Fund at Cornerstone Real Estate Advisers, confirmed spokesman Patrick Collins.
Ms. Herubin replaces Brian Murdy, who was named national director at real estate brokerage firm Institutional Property Advisors. Mr. Murdy was at Cornerstone for 13 years and had managed the Patriot Fund for the last seven years, Mr. Collins said in a telephone interview.
Ms. Herubin will manage the open-end U.S. core real estate commingled fund with Denise Stake. Ms. Herubin reports to Thomas Dudeck, chief of investment strategy.
Ms. Herubin was principal and portfolio manager at The Townsend Group and was a member of the firm's investment committee. Joe Olszak, COO, did not return a telephone call about her replacement by press time.