UBS Asset Management’s Global Real Estate – Global Multi-Managers (GMM) business has announced that Bayerische Versorgungskammer (BVK), Germany’s largest pension fund, has increased its GMM mandate from €750 mln to €1 bn.
'This significant additional commitment from BVK is testament to the strong relationship we have fostered since 2011, underpinned by our ability to source attractive investment opportunities, our sustained track record and the resulting growth we have achieved on the client’s behalf,' commented Eric Byrne, head of Global Multi-Managers & Securities.
UBS-AM GMM was originally selected by BVK to manage a €500 mln global real estate multi-manager mandate in December 2011. GMM invests primarily in value-add and opportunistic real estate funds globally on BVK's behalf, including niche real estate and emerging markets.
'Our top-down, research-driven investment philosophy has supported the growth of the GMM platform, which attracted over $1.5 bn of net new client funds in 2015 – recognition that a global multi-manager approach offers a compelling route for institutional, professional and qualified investors to gain access to the benefits of a globally diversified, institutional quality portfolio, particularly those investors who are heavily invested in their domestic market with limited overseas exposure or insights,' concluded Byrne.
