UNITED STATES - Former NYSTRS and Townsend portfolio manager Terri Herubin is replacing Brian Murdy as portfolio manager of the $1.7bn (€1.32bn) Cornerstone Patriot Fund.

Murdy is leaving Cornerstone Real Estate Advisers after 13 years at the firm to join Institutional Property Advisors and will hand over management of the diversified US open-ended core property fund to Herubin.

Cornerstone said Herubin would provide "continuity in the management" of the fund - which has 70 investors - by joining fellow portfolio manager Denise Stake and "the rest of the Patriot Fund's team".

Herubin was most recently principal, portfolio manager and member of the investment committee at The Townsend Group. Prior to joining Townsend, Herubin was head of acquisitions and co-portfolio manager for equity real estate for the New York State Teacher's Retirement System.

Thomas Dudeck, chief of investment strategy at Cornerstone, said: "We're extremely excited to be able to add a professional of Terri's experience and accomplishments.

"We believe that Terri's strong background in portfolio management and acquisitions, combined with Denise's significant experience with the Patriot Fund and the execution of its strategy, will be a significant benefit to Patriot Fund investors."