Kansas Public Employees Retirement System, Topeka, hired Brookfield Investment Management and Urdang to each manage about $70 million in domestic REITs, confirmed spokeswoman Kristen Basso.
As a result of the hire, the $13.8 billion pension fund terminated the domestic REIT portfolios of Duff & Phelps and Principal Global Investors, as well as two other Brookfield REIT portfolios. The pension fund issued an RFP in October.
The domestic REITs portfolio takes up 20% of the pension fund's yield-driven portfolio, which accounts for 5% of total assets.
Separately, the pension plan committed up to $50 million to Warburg Pincus Private Equity Fund XI.
The pension fund also committed up to an additional $80 million to UBS Trumbull Property Fund. It committed $75 million to the UBS fund in September 2010.
Also, the pension fund approved a three-year extension with BNY Mellon Asset Servicing as global custodian, effective through Dec. 31, 2015.