YMCA Retirement Fund, New York, is looking for a real estate pension officer for the $3.2 billion plan. Candidates should have at least five years of experience managing real estate investments. The fund plans to allocate up to 3% of assets to real estate over a two-year period, mostly in private equity partnerships but with a small portion in real estate investment trusts, said Victor Raskin, CIO. The allocation could grow to 8% of assets over time. Funding will come from reducing the fund's 39% allocation to fixed income, he said.
Separately, Richard Rubinstein was named senior vice president-equities, a new position. He will manage an internal $900 million large-cap core domestic equity portfolio. He was senior vice president and portfolio manager at OppenheimerFunds; no information was available on whether or not he will be replaced.