Fairfax County Educational Employees' Supplemental Retirement System, Springfield, Va., hired Urdang Investment Management to run $60 million in REITs for the $1.6 billion pension fund, said Alan Belstock, executive director. Funding will come from terminating Fidelity Investments, which ran a $100 million REIT portfolio. Of the remainder, $20 million will go to fund an existing Prudential open-end commingled real estate fund and the rest will be used to finance short-term cash flow needs.
"The board feels long-term performance prospects are better with Urdang than Fidelity," Mr. Belstock said. A Fidelity spokesman declined to comment on the termination.
Mercer Investment Consulting assisted.