Jacksonville (Fla.) General Employees' Pension Fund hired UBS Realty Investors to manage about $50 million in core commingled real estate, said Camille Cossa, pension administrator. The board of the $1.6 billion fund selected the manager at a meeting Thursday; JPMorgan Fleming and RREEF were the other finalists.
The allocation is the system's first real estate investment. Funding will come from reducing fixed-income assets. No managers will be terminated.
Consultant Merrill Lynch assisted.
