Kansas Public Employees Retirement System, Topeka, made a full redemption of its $205 million investment in open-end real estate fund UBS Trumbull Property Fund, managed by UBS Asset Management.
The $20.4 billion pension fund's board approved the redemption due to underperformance, spokeswoman Kristen Basso said in an email.
"We will reinvest as a normal part of managing the real estate portfolio based on how quickly we move through the redemption queue and where we are with the real estate pacing plan at that time," Ms. Basso said.
The pension fund also redeemed half of its $70 million investment in UBS Trumbull Property Growth and Income Fund. Ms. Basso said the partial redemption was approved not due to performance, but because the pension fund is overweight in real estate.
As of Sept. 30, the actual allocation to real estate was 9.6%; the target is 11%.
Sheryl Lee, UBS Asset Management spokeswoman, declined to comment.
