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Fort Lauderdale General Employees increases American Realty Advisors allocation

Fort Lauderdale (Fla.) General Employees’ Retirement System added $20 million to a real estate portfolio managed by American Realty Advisors, said David Desmond, administrator of the $594 million pension fund.

The additional money gives the manager about $30 million from the pension fund.

Mr. Desmond said the decision to allocate more money to the American Realty commingled fund was a result of the pension fund being at the top of its domestic equities allocation following very strong investment returns in 2013.

As of March 31, the pension fund’s domestic value equity portfolio had an actual allocation of 30.9%, or $184 million, and domestic growth had 29.4%, or $175 million. The target range for each is 20% to 30%.

Real estate, meanwhile, had an actual allocation of 3.3% as of March 31, near the bottom of its 3% to 7% target range.

Mr. Desmond said which equity managers’ portfolios would be reduced has yet to be determined. No managers would be terminated.

Investment consultant Dahab Associates assisted.