SSgA Drops Tuckerman From REIT Fund

The SSgA Tuckerman Active REIT Fund is starting the New Year with a new sub-advisor.

At a meeting of the Board of Trustees of the SSgA Funds on December 4, the Board decided to appoint CBRE Clarion Securities as a replacement for The Tuckerman Group as the sub-advisor to the fund, effective January 1, 2013, according to a filing. Also, the name of the fund will be changed to the SSgA Clarion Real Estate Fund.

The fund will issue a proxy statement detailing the new proposal on the internet to shareholders on December 21, 2012, and a shareholder meeting is scheduled to be held in February 2013 to consider the New Sub-Advisory Agreement.

The $49.6 million fund returned 11.63% year-to-date through November 30 versus the MSCI World NR Index’s return of 13.69%. It sports an expense ratio of 100 basis points, according to Morningstar.

 

For reprint and licensing requests for this article, click here.
Mutual funds Law and regulation Money Management Executive
MORE FROM FINANCIAL PLANNING