San Diego City Employees' Retirement System hired Townsend Group as real estate consultant to the $3.47 billion plan. Courtland Partners and Callan Associates were other finalists. The system has 9% of its total assets in real estate, with a target of 10%. No searches are planned, but this may change depending on Townsend's advice, said Dawne Clark, assistant CIO.
Previous real estate consultant Russell Real Estate Advisors is resigning to focus on broader consulting services, said Karl H. Smith, director-real estate at Russell. He said Russell will only advise real estate for general consulting clients, to support the work on discretionary separate account clients and to support its domestic real estate funds.