Nevada Public Employees' Retirement System, Carson City, hired INVESCO Realty to manage $260 million in private domestic real estate, said Ken Lambert, assistant investment officer. INVESCO replaces PMRealty, which resigned. INVESCO Realty already handles $475 million in private domestic real estate investments for the $12.5 billion system.
Mr. Lambert would not comment on why PMRealty resigned, except to say that Jeff Cavanaugh, lead portfolio manager, resigned to take a position at INVESCO Realty. Plan officials were disappointed over the resignation because of the firm's strong performance in recent years, Mr. Lambert said. Officials at PMRealty did not return calls seeking comment by press time.
The system's asset allocation is 35% domestic equity, 35% domestic fixed income, 10% international equity, 10% international fixed income and 10% real estate.