UNITED STATES - Russell Investments has expanded its real estate staff with the hiring of Dawne Clark as a portfolio manager.
Clark joins the company from the San Diego City Employees Retirement System, where worked for several years as assistant chief investment officer, and supported a real estate portfolio valued at $562m (€381m) to the end of 2007.
Clark will handle two types of real estate portfolios at Russell Investments from the firm's San Diego regional office:
the manager's open-ended fund of funds strategy, which involves assessing other managers' commingled funds as potential investments, and
oversee some single client accounts and their overall real estate investment strategy.
Russell's open-ended fund of funds has a core investment strategy but the firm advises single client accounts containing a combination of core, value-added and opportunistic investment plans.
Russell Investments now has a staff of real estate staff experts and total assets under management are $8.3bn, but further growth is anticipated as the company is now looking to create its first ever operation in Singapore.
This would involve the hiring of two people and opening up a regional office in the country within the next couple of months, whose main duties would be to evaluate real estate opportunities and commingled funds that invest in a variety of Asian markets, such as Japan, China, India and Singapore.