UBS Realty Advisors unveils new vision for Trumbull Property Fund

Amidst a deluge of redemption requests, UBS Realty Advisors has broken its silence on the challenges facing its $20 billion Trumbull Property Fund (TPF), a core open-end fund.

In a meeting with the investment committee of Marin County (Calif.) Employees’ Retirement Association (MCERA), Mario Maturo, portfolio manager with UBS Realty Investors, said 2019 was a challenging year for the fund.

Last year, the fund made $430 million in new investments and sold $2 billion of assets across sectors including hotels and older apartment communities. He said the challenge is with five large mall assets that make up the majority of the writedowns, two of which UBS is planning to sell off this year.

The other three assets will be transformed into mixed-use properties that include creative office, multi-tenant, and offer more choices for consumers, such as fitness. UBS has con