A news release said Douglas L. DuMond has joined the firm as a managing director to lead the new initiative, which the company said is designed to give plan sponsors access to private real estate investments.
The firm plans to launch a set of real estate-related investment vehicles for DC, defined benefit, and managed asset allocation programs. According to the company, the underlying assets will consist of both direct real estate including office, retail, multi-family residential and industrial properties, as well as a portfolio of global real-estate securities.
“In the past, plan sponsors and participants have had few opportunities to invest in private real estate. Our strategy provides a simple, straightforward approach to this asset class,” said Stephen J. Furnary, Chairman and CEO at ING Clarion, in the announcement.
DuMond comes to ING Clarion Partners from BlackRock, where he was a managing director and head of that firm’s U.S. defined contribution business.