Grand Rapids (Mich.) Retirement Systems named CenterSquare Investment Management, Duff & Phelps Investment Management and Principal Real Estate Investors as finalists in a shortlist search for a U.S. real estate investment trust manager to run about $38 million, said Peggy Korzin, executive director.
The retirement systems' joint board conducted a shortlist search due to performance concerns regarding current global REIT manager CBRE Clarion Securities, as well as the board's desire to focus more on the U.S. market, Ms. Korzin said. Finalist presentations are scheduled to take place on May 15, with a decision expected shortly thereafter.
Jarrett Kling, principal, marketing and client service at CBRE Clarion, could not be immediately reached to provide comment.
The selected manager would run about $19 million each for the $386 million Police and Fire Retirement System and $381 million General Employees' Retirement System. The target allocations for real estate for both pension funds is 5%. CBRE Clarion is the asset class' sole manager.
Investment consultant Wilshire Associates is assisting.