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BVK increases UBS-AM GMM mandate to EUR1bn

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Bayerische Versorgungskammer (BVK), Germany’s largest pension fund, has increased its mandate to UBS Asset Management’s Global Real Estate – Global Multi-Managers (GMM) from EUR750 million to EUR1 billion.

UBS-AM GMM, which has more than EUR6 billion of assets under management (including commitments), was originally selected by BVK to manage the global real estate multi-manager mandate in December 2011, following a competitive process and comprehensive due diligence procedures.
 
Since then, the original mandate for EUR500 million has doubled, allowing UBS-AM GMM to continue to invest in primarily value-add and opportunistic real estate funds globally, including niche real estate and emerging markets, on BVK’s behalf, complementing its large portfolio of predominantly core direct holdings.
 
The GMM business, which has more than 40 employees located across five countries, forms an integral part of UBS-AM’s Global Real Estate (GRE) platform. UBS-AM is one of the largest real estate investment managers globally, with a highly diversified portfolio which sits across 27 markets and eight different sectors.
 
Eric Byrne, head of global multi-managers and securities at UBS-AM, says: "This significant additional commitment from BVK is testament to the strong relationship we have fostered since 2011, underpinned by our ability to source attractive investment opportunities, our sustained track record and the resulting growth we have achieved on the client’s behalf.
 
“Our top-down, research-driven investment philosophy has supported the growth of the GMM platform, which attracted over USD1.5 billion of net new client funds in 2015 – recognition that a global multi-manager approach offers a compelling route for institutional, professional and qualified investors to gain access to the benefits of a globally diversified, institutional quality portfolio, particularly those investors who are heavily invested in their domestic market with limited overseas exposure or insights.”

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