Cornerstone Real Estate Advisers has strengthened its ties with OppenheimerFunds Inc.
The Hartford, Conn.-based firm has been appointed by OppFunds to manage its newly launched Global Real Estate Fund.
Cornerstone also manages the Oppenheimer Real Estate Fund, which typically invests in U.S. real estate securities.
The fund invests in a portfolio of real estate companies in geographic markets and property types, providing exposure to both developed and emerging markets. It will be managed specifically by Cornerstone's, which is led by managing director David Wharmby.
In managing the fund, Cornerstone relies on its direct property research model, which seeks long-term value and short-term pricing opportunities.
"We believe there are significant real estate investment growth opportunities globally, particularly in emerging markets," Wharmby said in a press release. "OppenheimerFund's Global Real Estate Fund is designed to provide investors with not only more real estate investment choices but also an effective way to help diversify and globalize their investment portfolios."
"Real assets, particularly real estate, are core to our alternatives strategy," said Kamal Bhatia , OppFunds Senior Vice President and Product Director for the taxable fixed income and alternatives team. "OppenheimerFunds believes that all investment strategies need to globalize their opportunity set."
Both Cornerstone and OppFunds are members of the MassMutual Financial Group. As of Dec. 31, 2012, OppFunds, including its subsidiaries, managed more than $195 billion in assets.