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CBRE Global Real Estate Income Fund Announces Officer Change
Rhea-AI Impact
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Rhea-AI Summary
The Board of Trustees of CBRE Global Real Estate Income Fund (NYSE: IGR) has announced that T. Ritson Ferguson has retired as President and CEO, effective January 1, 2022. Joseph P. Smith, previously the Chief Investment Officer, will succeed him while continuing as a Portfolio Manager. No changes to the investment philosophy or process at the Fund are expected. CBRE Investment Management, managing $141.9 billion in assets, remains committed to delivering sustainable investment solutions across various real asset categories.
Positive
Joseph P. Smith, a seasoned Portfolio Manager, has been appointed as the new President and CEO, ensuring continuity in leadership.
No changes to the investment philosophy or process, indicating stability for investors.
Negative
None.
PHILADELPHIA--(BUSINESS WIRE)--
The Board of Trustees of the CBRE Global Real Estate Income Fund (NYSE: IGR) (the “Fund”), announces the succession of the President and Chief Executive Officer of the Fund.
Effective January 1, 2022, Mr. T. Ritson Ferguson retired from CBRE Investment Management Listed Real Assets LLC, the Fund’s Adviser, as well as from his roles as the President, CEO, and Portfolio Manager of the Fund. The Board of Trustees appointed Mr. Joseph P. Smith as the Fund’s President and CEO to succeed Mr. Ferguson. Mr. Smith is the Chief Investment Officer – Listed Real Assets of the Fund’s Adviser and he is one of the Fund’s Portfolio Managers. Mr. Ferguson remains on the Board of the Fund as an interested trustee, as he commenced an external advisory role with the Adviser after his retirement.
Mr. Smith remains as a Portfolio Manager of the Fund, along with Mr. Kenneth Weinberg, and both are joined by Mr. Jonathan D. Miniman. Mr. Miniman is a Portfolio Manager with the Adviser and has worked alongside Messrs. Smith, Weinberg, and Ferguson for many years.
It’s important to note that there is no change to the investment philosophy or process at the Adviser or the Fund as a result of these changes.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people, and communities thrive. CBRE Investment Management Listed Real Assets LLC is a separately registered investment adviser within CBRE Investment Management that specializes in the management of global listed real assets solutions.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information about CBRE Investment Management, please visit www.cbreim.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
