Global Real Estate

Joey, I went over the RFP from Cohen and Steers…seems like some pretty mean turnover the last little while. Like the RFP [like most] is really positive in terms of the analysts/PMs experience. But if you take the column called “Years of experience” add it up and divide by the number of staff, you get a very high average experience…"…in the investment business" while if you take the column next to it labelled “Experience with firm” it’s a very low average tenure. I don’t necessarily think this is bad, but can it be? Willy

I suggested C&S to you a few weeks back and you responded with, “Think Cohen and Steers actually manage the money? Probably not. Willy” What a rapid turnaround.

no… just means that firms are wiling to pay for talent or lack thereof

Yeah but the lead guys, call them figure heads, all check out fine. The PMs who look to do the day-to-day of the global real estate mandate, not so much so. I don’t know, may-be I’m just looking for stuff Drs. It’s just that INVESCO came back to us with a fee that was…to put it mildly…skyhigh. INVESCO is only willing to be flexible above $200,000,000, which sucks for my shop since, to us, that’s just massive for a global real estate mandate. Any suggestions? Willy