Jacksonville (Fla.) General Employees' Pension Fund selected three finalists in its shortlist search for a core commingled real estate manager to run up to $80 million, said Camille Cossa, pension administrator. She said the board of the $1.6 billion fund will interview JPMorgan Fleming, UBS Realty Investors and RREEF at its January meeting, currently slated for Jan. 27, and select a manager at that time. The allocation will be the system's first real estate investment, and funding will probably come from reducing fixed income, Ms. Cossa said. No managers will be terminated.
Consultant Merrill Lynch assisted.