The board of trustees of the Fort Worth (Texas) Employees' Retirement Fund has approved a full redemption from the UBS Trumbull Property Fund, Benita Falls Harper, executive director, said Thursday in an email.
As of the Sept. 30, the $2.3 billion pension fund's position was valued at $34.7 million, according to Ms. Harper.
Ms. Harper declined to disclose why the board was pulling the money out of the fund.
The Fort Worth Employees' Retirement Fund will be using the proceeds "to rebalance among the real estate portfolio and the broader portfolio as a whole," she said.
The redemption will occur on a pro rata basis along with other investors that have requested a redemption from the Trumbell Property Fund. "As cash becomes available, each redeeming investor will receive a portion of their assets back as cash," she said.
