Consolidated Freightways Corp., Vancouver, Wash., is terminating a $10 million REIT fund managed by RREEF; the $300 million plan is dropping the asset class on the recommendation of an asset allocation study, said James Epperson, cash manager.
The plan also has $4 million to $5 million collectively in RREEFs Mid-America III and apartment funds, closed-end funds that will reach maturity next year. Mr. Epperson said the REIT funds performance was not a factor in the termination. The plan is still deciding where to place the assets.
The plan also hired Putnam to manage a $35 million international commingled fund, Mr. Epperson said. Funding comes from reducing the T. Rowe Price Fleming Foreign Discovery Trust fund, leaving it with $35 million. He said the plan decided to diversify, adding that performance was not a factor in the shift.