Philadelphia Board of Pensions and Retirement redeemed $200 million from UBS Trumbull Property Fund, confirmed Christopher R. DiFusco, chief investment officer of the $5.6 billion pension system in an email.
The redemption represents roughly half of the board’s existing capital with the property fund from UBS Asset Management. The capital was redeemed due to performance. A UBS spokeswoman declined to comment.
The board’s investment consultant Marquette Associates will continue to review and monitor the fund’s performance and provide the board with additional recommendations as needed.
The redeemed capital will be redeployed across the portfolio.