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Pension boards accept quarterly consultant report; begin search to replace JPMorgan real estate holding
Summary
Mariner presented the June 30 quarterly and July flash reports showing plan assets near $137.2 million and positive recent returns. Trustees authorized staff to begin interviewing core real estate managers to replace the partially redeemed JPMorgan Strategic Property Fund and asked for presentations from shortlisted firms.
The Jacksonville Beach pension boards voted to accept the investment consultant Mariner Institutional's quarterly report and July update and directed staff to begin a search for a replacement for the JPMorgan Strategic Property Fund.
Mariner representative Brandon (listed in the packet as Bridal Mariner) told trustees total plan assets were $134.4 million as of June 30 and that an updated market-value figure calculated the morning of the meeting put assets at about $137.2 million. The firm reported a strong quarter for equities and a positive fixed-income return; for the quarter the plan returned 6.56% (gross of fees) and ranked in the 57th percentile of the public-fund universe. Mariner also noted the plan's…
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