San Bernardino County (Calif.) Employees' Retirement Association hired RREEF to manage $65 million of the $80 million core real estate portfolio formerly managed by PMRealty, which is being terminated, said Tim Barrett, executive director and CIO; PMRealty is shutting down operations. The remainder of the portfolio will go toward rebalancing, Mr. Barrett said. RREEF already manages $38 million in real estate for the $3 billion fund, he said.
Separately, two or three finalists for general investment consultant will be presented to the plan's board on Feb. 10; Mr. Barrett said; finalist interviews are scheduled for March 10. The system plans to conduct an asset-liability study after a consultant is selected, he said. Former consultant Ennis Knupp was terminated last year.