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.