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OCERS transfers global REIT portfolio from LaSalle to BlackRock

by Sara Kassabian

The $7 billion Orange County Employees Retirement System (OCERS) has approved to reallocate its $104.3 million global real estate investment trust portfolio from the LaSalle Global REIT Program to BlackRock Developed ex-U.S. Real Estate Index Fund.

R.V. Kuhn & Associates, OCERS’s investment advisEr, recommended the transition, citing the need for more non-U.S. real estate in the portfolio. The BlackRock ex-U.S. Real Estate Index Fund offers international real estate exposure that OCERS lacks elsewhere in its real estate portfolio, according to a recommendation from R.V. Kuhn & Associates. The current strategy with LaSalle invests approximately 50 percent of the global securities portfolio in the United States.

LaSalle has underperformed the NAREIT Developed Index for the quarter-to-date, calendar year-to-date, five-year and since-inception periods. It outperformed the index for the one-year and

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