MassPRIM terminates mandate with TA Realty
The Massachusetts Pension Reserves Investment Management Board has terminated TA Realty as manager of a $1.1 billion core real estate allocation, according to Nicole Giambusso, a spokesperson for the pension fund.
Board meeting documents cited a number of reasons for the termination, including underperformance, staff turnover, the sale of TA Realty to The Rockefeller Group in 2014, and the strategy no longer fitting MassPRIM’s core investment strategy or return requirements.
Management of the portfolio will be transferred to AEW Capital Management for now. According to board meeting documents, AEW was chosen for its strong performance, portfolio management capabilities and attractive fees. MassPRIM also notes that AEW is headquartered in Boston as well, allowing for good interaction