The USD 44.2 billion pension fund, Massachusetts Pension Reserves Investment Management Board, announced that RREEF Real Estate will no longer act as an account manager for one of its property portfolios, due to the high turnover of portfolio managers at RREEF. Three portfolio managers that had run the USD 728 million separate account left the investment manager during a three-year period. Massachusetts Pension Reserves Investment Management Board is looking for a replacement separate account manager and has issued an RFP. LaSalle Investment Management, an existing separate account manager for the pension fund, will take over the role until a replacement is appointed. The pension fund, which predominantly invests in real estate directly, has no plans to invest in private equity real estate funds in the foreseeable future but has not ruled out the possibility of doing so in the long-term future.
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