Investors

The London-based property fund manager is reportedly targeting the British real estate market with its UK Value Fund. The firm has raised £90m to date.

The $123.8bn California pension plan took a 50% write-down in its value-added/opportunistic real estate investments in the year to 31 March 2009. The pension has completely written off its equity in some funds, while others are currently reporting IRRs of more than -100%.

Patricia Gerrick has resigned for undisclosed reasons after driving the state pension exposure to real estate and private equity to 5% respectively. The pension lost 14% of its value in the past year.

The Singapore sovereign wealth fund says it will work more closely with the companies in which it has investments after changing its charter for the first time in seven years.

The $36.9bn endowment is reportedly planning to sell some of its holdings in private equity, hedge funds and other money managers to bring more capital in-house and be more ‘nimble’.

After real estate losses constituted the biggest part of the Canadian pension’s $5.7 billion loss for the half-year to 30 June, it has decided to “reposition” its real estate exposure.

The California pension giant will formalise the central role of fair value accounting in its real estate portfolio and will require external fund managers to comply with these standards.

As part of the US REIT’s efforts to reduce its debt load, Maguire Properties is handing over control of seven buildings once valued at more than $1 billion. The properties were bought between 2004 and 2007. LBA Realty is reportedly taking over one asset, Park Place I.

Robert Gifford, the former AEW veteran, has been appointed president and chief executive officer of the troubled insurance group. Former COO of Scanlan Kemper Bard Companies William Glasgow has been named chief restructuring officer.

The McLean, Virginia-based firm said it was ceasing its investment activities in Latin America owing to market conditions. It is working with investors to wind down the regional platform.