GLOBAL - The Wisconsin State Investment Board has dropped AEW Capital Management and Heitman as domestic REIT managers to adopt a more "global perspective".
The pension fund said the distinct domestic REIT portfolios were no longer aligned with its strategy due to this shift in s.
Through March of this year, AEW and Heitman managed REIT portfolios on behalf of Wisconsin totaling more than $88m (€71m) in value.
Wisconsin has now transferred these portfolios to its existing global REIT managers - European Investors and RREEF - awarding each an additional portfolio valued at $54m.
The pension fund has a total REIT portfolio valued at $381m through the end of April.
The return on the portfolio on a year-to-date basis through April is 4.9%, with a one-year yield of 57.1% and a three-year loss of 13.6%.
European Investors' portfolio, valued at $188m, has returned 4.2% year to date and lost 13.7% over the last three-year period, while the RREEF portfolio, valued at $193m, has returned 5.7% and lost 13.5% over the same periods.
Wisconsin has a total real estate portfolio valued at $2.2bn, comprising a mixture of equity investments, REITs and real estate mortgages.