Alison Telfer
UBS Asset Management (UBS) has partnered with CBRE Investment Management, Listed Real Assets LLC, part of CBRE Investment Management (CBRE) to launch a Concentrated Global Property Model on the Praemium SMA. The model is the first SMA portfolio to provide investors with an actively managed portfolio of global listed property securities in the Australian market, with seed capital from private wealth firm, Emanuel Whybourne & Loehr (EWL).
The strategy uses CBRE’s proprietary multi-step investment process to identify 25-45 compelling global property securities across a range of geographic and economic sectors.
Country Head of UBS Asset Management for Australia & New Zealand, Alison Telfer said, “To launch this Global Property SMA is a logical next step for us given our long-standing partnership with the CBRE investment team through our four existing funds, and UBS’ expertise in Managed Accounts globally.
“Additionally, this launch comes at an opportune time. Whilst REITs, like most asset classes, have experienced volatility throughout 2022, it’s our view that valuations have become dislocated from the resilience shown in unlisted property, and are therefore presenting an attractive entry point for long term investors.”
CBRE Investment Management Portfolio Manager, Justin Pica, commented, “In the current market environment of high inflation and volatility and with the likeliness of reduced economic growth over the coming year, it’s important to have a widely diversified portfolio. Historically REITS have outperformed equities during periods of high inflation and offer the opportunity for attractive returns relative to equities and an attractive yield relative to bonds.
“Our proven investment process aims to add value through active stock selection and robust risk management and portfolio construction and is backed by in-depth fundamental market knowledge and investment expertise that leverages the strength and in-depth local private market research platform of CBRE. We are delighted to partner with UBS to launch this strategy to Australian investors with a leading investment platform such as Praemium.”
EWL Partner, Ryan Loehr, remarked, “We strive to source the best investment solutions available for our clients, and as such, we’re thrilled to seed the first global property SMA with two of the world’s heavyweights in Asset Management, UBS and CBRE. We’re bullish on listed property right now given valuations are trading at rarely seen levels below Net Asset Value so we’re pleased that Praemium have continued to lead the market in terms of managed account innovation with the launch of this product”.
Praemium’s Head of Investment Managers and Governance Damian Cilmi adds, “We are pleased to be the first platform to offer the UBS CBRE Concentrated Global Property Model and to provide those investors seeking exposure to global property the opportunity to achieve this within an SMA. With a highly experienced investment team in CBRE Investment Management, and a proven track record in real assets, they are a wonderful addition to the menu of high-quality investment managers we provide our clients access to via the Praemium SMA.”
