Aberdeen Asset Management has been awarded a European multi-manager mandate by the Employees Retirement System of Texas.
Aberdeen will build and manage the pan-European portfolio, which is likely to target core returns. The size of the mandate is undisclosed.
According to Robert Sessa, director of real estate for ERS of Texas: “We believe the current market volatility in Europe will provide us with attractive risk-adjusted investment opportunities.”
Jon Lekander, global head of property for Aberdeen, said: “ We are seeing increasing interest from US institutional investors as they look to take advantage of opportunities afforded by market repricing in Europe and to diversify their property exposure into overseas markets.”
