St. Louis Public School Retirement System approved requesting a full redemption from its investment in open-end real estate fund UBS Trumbull Property Fund.
The $774 million pension fund's board approved the redemption from the fund managed by UBS Asset Management at its Oct. 24 meeting, said Susan Kane, executive director.
The redemption had been recommended by the pension fund's investment committee at its Oct. 20 meeting after investment consultant AndCo Consulting said it had a "non-positive assessment" for the Trumbull fund due to its long redemption queues, minutes of that meeting show.
The pension fund will remain invested in the UBS Trumbull Property Income Fund. As of Sept. 30, the pension fund's combined investment in the two open-end funds was $59 million.
The pension fund had originally invested in the UBS Trumbull Property Fund before UBS Asset Management split it into two separate open-end funds, Ms. Kane said.
AndCo Consulting assisted.