By Randy Diamond | Pensions and Investments
A fourth staffer in the investment office at the Arizona Public Safety Personnel Retirement System has resigned in a dispute over how the $7.3 billion pension fund valued the joint-venture real estate assets held by its largest real estate manager.
Paul Corens, lead portfolio manager for real estate, resigned effective Sept. 20, confirmed Doug Cole, a spokesman for the Phoenix-based pension fund, in an interview Wednesday. Mr. Cole said, however, that Mr. Corens did not state the valuation dispute as a reason for his resignation. Citing confidentiality of employee records, Mr. Cole said he could not say the reason for Mr. Corens’ resignation.
Mr. Corens said he would not comment on his resignation.
Multiple sources familiar with the pension fund’s operations say Mr. Corens resigned because he was concerned that it was not proper for PSPRS to allow its largest real estate manager, Desert Troon, to set its own valuations of its joint-venture real estate portfolio.
