- November 1, 2013: Vol. 25, Number 10

To read this full article you need to be subscribed to Institutional Real Estate Americas

Everyone wants to be in show biz: Institutional investors have two fundamental roles, and they should stick to them

by Ted Leary


In the September issue of The Institutional Real Estate Letter – Americas, Nori Gerardo Lietz wrote a column challenging our good friend Geoffrey Dohrmann over the question of which managers were better: Big or small? Local or global? It was a fun read, and I admit that I tend to side with Nori on most of the issues discussed.

I dare not jump into the middle of a Nori-Geoff kerfuffle, but I do have a few comments relevant to the manager selection debate.

My observations come from 10 years in the asset and organizational workout business, the 20-plus years running an investment management team, and the past five doing workouts and manager restructurings for several very large public pension funds.

As a general matter, I believe smaller, highly focused managers offer the best chance for investment success. With just a couple of exceptions, I have seen little evidence that the multi-property-type global managers produce the best returns. Ho

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy