Roanoke (Va.) Pension Plan is conducting a shortlist search for a real estate manager to run a portfolio of up to $10 million, said Jesse Hall, treasurer and director of finance. Plan officials added the asset class for diversification. Funding will come from reducing the $260 million plans fixed-income portfolio, currently at $90 million; State Street Global and INVESCO are its fixed-income managers. A selection is expected at the plans April 9 board meeting. Fiduciary Capital Advisers is assisting.
Separately, the system is considering if it will invest up to $10 million in convertible bonds, Mr. Hall said.