Philadelphia Board of Pensions and Retirement has redeemed $200 million from core, open-end real estate manager UBS Trumbull, according to a recent investment board meeting document.
The recommendation for the redemption was made in late April and was unanimously approved on a roll-call vote.
The redemption is said to be about half of the board’s capital invested with the UBS Trumbull Property Fund (TPF). When asked about the size of the redemption and whether the board had considered requesting the full amount, the response was that they were comfortable with the $200 million, given an anticipated restructuring at UBS.
Christopher DiFusco, chief investment officer for Philadelphia, noted that UBS Trumbull is under scrutiny, and nothing would prevent staff from returning to the board in the next couple of months with a further recommendation if circumstances warranted.
Facing more tha
