Property and asset allocation – 2 The broker′s view

Considers the role of pension funds′ real portfolio structure and the role of property within that portfolio, discussing the need for establishing parameters. Compares business risk and investment risk, and discusses the problems faced by investment managers in reconciling their conflicting requirements. Highlights the potential conflict of interest between quoted securities managers and property advisors. Suggests, by reference to a historical summary, that, given sufficient information,property should be treated as all other assets.