UNITED STATES - The Texas Municipal Retirement System has chosen ORG Portfolio Management as its first-ever real estate consultant.
This marks the pension fund's first foray into real estate investment.
Five companies in total responded to the fund's questionnaire for the position, including Ennis Knupp & Associates.
According to Texas Municipal officials, ORG will have full investment discretion, although the pension fund will make the final call on any real estate decisions.
The pension fund, whose targeted allocation for real estate is 10%, has not made any investments in the asset class at this time.
Texas Municipal and ORG will work out an investment strategy over the next several months, officials said.
As at end-March 2010, the fund had total plan assets of more than $16.7bn (€13.6bn).