Massachusetts Pension Reserves Investment Management Board, Boston, terminated TA Realty as manager of a $1.1 billion core real estate allocation, said Nicole Giambusso, spokeswoman for the $61.2 billion pension fund.
The decision was based on four factors, according to minutes of the Aug. 11 board meeting: underperformance, staff turnover, the sale of the company's investment management business and its strategy no longer fitting MassPRIM's core investment strategy or return requirements. (The Rockefeller Group acquired a majority interest in TA Realty late last year.)
Management of the portfolio will be transferred in the interim to AEW Capital Management, which manages $989 million in core real estate for MassPRIM.
Ms. Giambusso said MassPRIM is not planning to do a search this year; the board likely will revisit this in 2016 as part of its annual planning.
TA Realty spokeswoman Kerry Gallagher did not return a phone call by press time.
