Austin Fire Fighters has shelved plans to start investing in real estate
Austin Fire Fighters has shelved plans to start investing in real estate. The $400 million pension system was set to make a $20 million commitment to ING Clarion Partners’ Lion Properly Fund, until its lawyers pointed out that such an investment would violate the retirement plan’s statutes. Austin Fire Fighters can invest only in instruments graded by a Nationally Recognized Statistical Rating Organization–preventing it from investing in real estate funds. The system’s investment board is huddling with general consultant Summit Strategies to determine whether it should pursue an amendment to the statute.
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