Brookfield Investment Management has lost San Francisco City and County Employees’ Retirement System’s high-yield commercial mortgage-backed security (CMBS) mandate, IPE reports. The account has been transferred to the system’s other existing high-yield CMBS manager, Pyramis Global Advisors.
San Francisco City and County and its general consultant, Angeles Investment Advisors, made the switch as Brookfield’s net return performance for the calendar year-to-date was 8.9 percent compared with a 16 percent excess return through Pyramis by the end of September. The pension fund officials were also worried about the executive personnel changes at Brookfield.
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