The $60 million-plus Taunton (Mass.) Contributory Retirement System picked INVESCO Realty and Fidelity Management Trust to manage $1.5 million each in real estate, said Paul J. Slivinski, executive secretary. INVESCO will manage its portion in a publicly traded REIT; Fidelity, in a private REIT and commercial mortgage-backed securities. The money is coming from contributions.
Fund officials decided on the search because their current real estate investment in a closed-end commingled fund doesn't allow reinvestment of dividends.