LACERS renews U.S. REIT investment manager contract with CenterSquare

The Los Angeles City Employees’ Retirement System has renewed its investment manager contract with CenterSquare Investment Management. The current contract expires March 31, 2018, but is renewed for three years.

LACERS hired CenterSquare in January 2015 to manage an active U.S. REIT portfolio for the pension fund. CenterSquare seeks to provide high current income, liquidity and real estate sector diversification.

A contract renewal with CenterSqaure allows the fund to maintain a diversified exposure to the U.S. REIT markets, which is expected to help achieve satisfactory long-term risk-adjusted investment returns, according to a meeting document.

In a report given to LACERS in March, the firm had 1 percent of its assets under management in ex-U.S. REITs.

CenterSquare is a global investment manager focused on actively managed real estate and infrastructure strategies. As of Aug. 31, 2017, CenterSquare managed approximately $9.5 billion in assets under ma