Westmark Realty Advisors was terminated as a real estate manager for the $74 billion New York State & Local Retirement Systems, Albany, according to John Hull, deputy comptroller, investments.
Westmark was terminated when it failed to place in the top tier following an evaluation of the fund's equity real estate managers, Mr. Hull said. Westmark was hired in the late 1980s to buy and manage a portfolio of industrial properties in California.
Westmark President Richard Clotfelter confirmed that the relationship was terminated.
Equitable Real Estate Investment Management will take over the $140 million portfolio.