Real estate investment managers took a broadside hit from the recent global financial markets implosion — a result of the US subprime mortgage crisis — and its subsequent adverse economic fallout. Now, managers are knee-deep in the wreckage, battling a host of challenges including liquidity issues due to the frozen credit markets, softening property fundamentals fuelled by global recession, investor redemption requests in some cases, and significant portfolio write-downs in most cases. The damage is evident in the assets under management figures reported in a survey of real estate investment managers conducted by Property Funds Research, a research and information firm and the UK branch of Feri EuroRating Services AG, and Institutional Real Estate, Inc,