Newport Beach Firm to Manage Retirement Fund
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Anaheim-based Trident/Meyer Real Estate Advisors will buy and manage a $20-million portfolio of realty investments for the Kern County Employees Retirement Assn., according to Jack Doty, secretary of the pension board and Kern County’s treasurer/tax collector.
Voter approval in June, 1984 of Proposition 21--allowing pension funds to diversify investments rather than concentrating on fixed-income securities--made it possible for retirement systems to “diversify and spread the risk,” he added.
About 20% will now be earmarked for real estate and short-term investments, up from the current 7.5% real estate portfolio.
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