Massachusetts Pension Reserves Investment Management Board, Boston, hired TA Associates Realty and J.P. Morgan Investment Management to run $200 million each in real estate equity, replacing Lend Lease Real Estate Investments.
Scott Henderson, executive director of the $30 billion pension fund, said the MassPRIM board was ‘‘frustrated’’ with Lend Lease because of underperformance and because it felt the fund had never captured the manager’s ‘‘full attention.’’ Lend Lease had been with MassPRIM since 1994.
Jonathan Miller, Lend Lease spokesman, said, "Our performance was good, but apparently we underperformed our competitors.”
