UBS Asset Management plans to divide the UBS Trumbull Property Fund, its open-end real estate fund, into two buckets, confirmed Jeff Wickman, retirement administrator for the $2.7 billion Marin County Employees’ Retirement Association.
According to a report from Callan, the San Rafael, Calif.-based plan’s investment consultant, one bucket will consist of long-term strategic assets, currently 294 assets worth $14 billion, while another will be made up of non-strategic assets, currently 45 assets representing $5 billion.
Senior portfolio manager Paul Canning will continue to manage the larger bucket of long-term assets, while Mario Maturo, also a portfolio manager for the fund, will manage the second smaller bucket.
“The goal is to expedite the sale of the non-strategic assets; although, admittedly they believe it could still take two to three years,” the report said.
The restructuring is expected to go into effect July 1.
Marin County Employees’ currently has $121.6 million in the fund. The board voted to redeem $20 million from the fund in January. It will continue to monitor the fund, Mr. Wickman said.
A representative from UBS Asset Management could not be immediately reached for additional comment.
