US - The California Public Employees' Retirement System (CalPERS) is considering dropping Deutsche Bank subsidiary RREEF as manager of a $570m real estate portfolio in favour of Canyon Capital Realty Advisors.
Although CalPERS announced the switch in a news release, it later said the move was still under negotiation.
The CalSmart portfolio includes office, industrial and apartment properties. RREEF will continue to manage the smaller CalWest portfolio of industrial properties, the release said.
In February CalPERS adopted a five-year, "back to basics" strategic plan for its $16bn real estate programme, focusing on income-generating properties, implement restraints on risk and debt and using separate accounts with asset managers. (Global Pensions: 15 February 2011)
At least 75% of the portfolio will ultimately be invested in US retail, office, industrial and multi-family housing core properties, with most new commitments going to five to ten long-term partners managing exclusive CalPERS real estate accounts.
The fund lost 5% - around $600m - on its real estate portfolio in 2010 and is estimated to have lost $10bn since the global financial crisis began.
Canyon and RREEF declined to comment.
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