Virginia Retirement System Dumps Morgan Stanley REIT for Internal REIT Strategy
Posted on 08/14/2020
The Virginia Retirement System (VRS), like other large U.S. pensions, constructed an internally managed real estate investment trust (REIT) strategy to replace one managed by an asset manager. This was created as VRS ends its US$ 497 million Morgan Stanley Investment Management global ex-U.S. investment REIT strategy. The newly created REIT portfolio will maintain the FTSE EPRA/NAREIT Developed Index as its benchmark and will pursue a non-U.S. passive management strategy. VRS is keen on bringing more assets in-house where it has the expertise and the investment styles can be easily replicated.
