New Mexico Public Employees’ Retirement Association’s investment committee is expected to recommend at the next association board meeting that the board transfer to BlackRock $54 million that is being redeemed from Wellington Real Estate Investment Trust, said Joelle Mevi, chief investment officer for the $11.9 billion Santa Fe-based association.
The $54 million would be a new mandate in a passive REIT strategy for BlackRock, which already manages assets from the association. How much BlackRock manages in what other strategies could not be learned by press time.
The association’s board decided to redeem the Wellington REIT because of an upcoming change in portfolio managers. The board’s next meeting is Feb. 24.
Separately, the committee is expected to recommend that Western Asset Management be removed from the association’s watchlist. WAMCO manages a $680 million core-plus fixed-income portfolio.