Dutch pension fund, PNO Media, has halted allocations to listed property due to a fall in results last year, IPE reports. The scheme may terminate the 3% real estate allocation and re-invest two-thirds of the assets in alternatives, such as infrastructure and commodities. One-third of the assets have been re-allocated to PNO’s fixed income portfolio. It has also ended co-operation with its portfolio manager. In 2009, Kempen Capital Management was the portfolio’s sole manager.

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