Grand Rapids (Mich.) Retirement Systems hired CenterSquare Investment Management to run a $38 million U.S. real estate investment trust portfolio, said Peggy Korzen, executive director.
The retirement systems' joint board conducted a shortlist search due to performance concerns with incumbent global REIT manager CBRE Clarion Securities, as well as the board's desire to focus more on the U.S. market, Ms. Korzen said in an April interview.
CBRE spokeswoman Pam Barnett declined to comment.
Duff & Phelps Investment Management and Principal Real Estate Investors were the other finalists.
CenterSquare will run about $19 million each for the $386 million Grand Rapids Police & Fire Retirement System and $381 million Grand Rapids General Retirement System. The target allocation for real estate for both pension funds is 5%. CBRE Clarion is the sole manager for the asset class.
Investment consultant Wilshire Associates assisted.
