NORTH AMERICA – The Ohio Police & Fire Pension Fund has dropped Invesco Real Estate as one of its core real estate fund managers. 

It filed a redemption request to get all of its remaining $88m (€68m) investment out of the Invesco Core Real Estate USA.

According to a pension fund spokesperson, Ohio Police & Fire has earned an IRR of -3.1% since inception and a net multiple of 0.9x, as of the end of last year. 

This return represented the lowest yield the pension fund achieved in any of its eight core open-ended managers. 

Its return for the Invesco fund in 2012 was a 9.7% gross IRR, through the end of the third quarter.

Bill Hensel, director of media relations at Invesco, said: "We've had a long, successful relationship with the Ohio Police & Fire Fund and hope to again in the future. 

"While experiencing short-term underperformance, the fund significantly outperformed the benchmark in the first quarter and outperforms on a three, five and seven-year and since inception basis. 

"That good performance, combined with our strong platform, continues to attract capital and create positive inflows for the fund."

Ohio Police & Fire has been an investor in Invesco Core since November of 2007. 

At time this time and in February 2008 it traded separate account properties managed by Invesco into the core fund for partnership units. 

The value of the investment was more than $293m.

Ohio Police & Fire has now filed three redemptions from the Invesco fund, redeeming $80m in April 2011 and $60m in January of this year.

It said it was exiting the fund as it wanted to rebalance its strategic or core portfolios. 

The pension fund's long-term goal is to have a 50-50 split, with strategic (core) and tactical (non-core) investments.

As of the end of March, the pension fund had a real estate portfolio valued at nearly $