Miami Beach (Fla.) Employees' Retirement System will search within the next few months for its first open-end real estate manager to run $51 million following the approval of a new asset allocation, confirmed Rick Rivera, pension administrator.
It is the $509 million pension fund's first entry into real estate, with a target of 10%. The pension fund also created a new 10% target to high-yield fixed income and increased the target to emerging markets equities to 10% from 4%. The timing of any searches for high yield and emerging markets equities has yet to be determined.
Targets reduced are domestic equities, to 36% from 51%; domestic fixed income, to 23% from 31%; and international developed equities, to 11% from 14%. Mr. Rivera wrote in an e-mail there are no terminations at the moment.
The actual allocations as of Jan. 8 were 53% domestic equities, 30% domestic fixed income, 14% international developed equities and 3% emerging markets equities.
Investment consultant Milliman is assisting.
