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Article: Jumping ship: Departures of clients, key staff pummel Lend Lease; Deals to sell parts of firm are yet to be completed, adding to the uncertainty.(News)(Lend Lease Real Estate Investments)
- Article from:
- Pensions & Investments
- Article date:
- April 28, 2003
- Author:
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ricki Fulman
ATLANTA - Lend Lease Real Estate Investments, the nation's largest institutional real estate money manager, is suffering from staff defections, client terminations and requests to withdraw from its flagship open-end fund.
Top portfolio managers Steve Walker and Laler DeCosta and senior marketers John Faust and Kevin Norton quit.
Big pension fund clients - including the $23 billion Los Angeles County Employees Retirement Association - terminated Lend Lease, while others have stepped up their monitoring or put the firm on probation. Also, several participants in Lend Lease's $1.7 billion Prime Property fund are redeeming ...