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Pensacola Fire Board votes to transfer UBS real estate stake into Cohen & Steers tactical fund; manager changes recommended
Summary
After a Cohen & Steers presentation, the Pensacola Fire Board unanimously approved moving roughly $4,000,000 in UBS-held private real estate into a Cohen & Steers tactical real-estate product 'in kind,' and accepted recommendations to terminate the Poland mandate and review Wedge for replacement.
Pensacola — The Pensacola Fire Board of Trustees voted unanimously to transfer the board’s remaining UBS private-real-estate holding into a Cohen & Steers tactical real-estate fund that blends listed REITs with private-core real estate.
Larry Cole, the board’s investment consultant, told trustees the transfer would be done "in kind" so the UBS holding moves dollar for dollar into the new product, preserving the plan’s allocation while improving liquidity and applying a discounted fee arrangement offered to early clients. "This fund could take in-kind transfers, which I don't think there's any other fund out there that can do it," Brian of Cohen & Steers said during the presentation.
Cohen & Steers’ presenter described the…
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