Miami Beach (Fla.) Employees' Retirement System hired J.P. Morgan Asset Management to run a $51 million open-end real estate portfolio, wrote Rick Rivera, pension administrator, in an e-mail.
The $510 million pension fund conducted an invitation-only search earlier this year for its first real estate manager, following an asset allocation study that created a new 10% target.
Other finalists were AEW Capital Management and Principal Real Estate Investors.
Also, the pension fund conducted an invitation-only search for an emerging markets equity manager as a result of the increase in the emerging markets equity target allocation to 10% from 4%. The pension fund will conduct finalist interviews at its July 8 board meeting. The pension fund currently does not have an emerging markets equity manager after the termination of WHV Investment Management for performance in September 2013.
Also, the timing for a high-yield fixed-income search, as a result of the creation of a 10% target to that new asset class, has yet to be determined.
Targets reduced were domestic equities, to 36% from 51%; domestic fixed income, to 23% from 31%; and international developed equities, to 11% from 14%. No terminations are scheduled.
Investment consultant Milliman is assisting with all searches.
