Texas County & District Retirement System is changing its fund manager line-up for investments in real estate investment trusts (REITs).
The pension fund is dropping Morgan Stanley Investment Management and Invesco Advisors, while hiring Dimensional Fund Advisors and retaining Cohen & Steers, according to a board meeting document.
Texas County & District told IPE Real Estate that the move was related to investment performance.
Dimensional, a new manager for the pension fund, will take over a $275m (€238m) global REIT portfolio managed by Morgan Stanley.
Dimensional and Cohen & Steers will each assume portions of a $225m domestic REIT portfolio managed by Invesco.
The total REIT portfolio was valued at $831m at the end of March and generated a one-year annualised return of 2.8%.
It is benchmarked against the FTSE NAREIT Equity REITs Index and the FTSE EPRA/NAREIT Global Real Estate Index, weighted two-thirds to the former.
Texas County & District also approved a $50m commitment to an unlisted self-storage real estate fund managed by Prime Group Holdings.
Prime Storage Fund II pursues a value-added strategy, investing in under-supplied markets such as Baltimore, Chicago, Philadelphia, North and South Carolina, Virginia and New Jersey.
Prime Group Holdings, which did not comment, has been acquiring more than $650m of self-storage assets over the past three years.