Boston University is removing the EII Global Property Fund Class Institutional, managed by EII Capital Management, from the investment lineup of its 403(b) Boston University Retirement Plan and supplemental retirement and savings plan, said an announcement on the university's website.
The reason for the change, which is effective Sept. 8, could not be learned by press time.
As of Dec. 31, 2012, the 403(b) plan had about $1.6 billion in assets and the supplemental plan had $573 million in assets, according to the university's most recent Form 5500 filings.
Assets in the EII Global Property Fund Class Institutional will be transferred to Vanguard Group target-date funds, the announcement said.
The university plans to add a replacement option with “reasonably similar investment objectives,” the announcement said.
University spokesman Colin Riley could not immediately provide additional information by press time. Neither Martin Howard, senior vice president, chief financial officer and treasurer, nor Diane Tucker, chief human resources officer, could be reached by press time.