CBRE Investment Management Announces Leadership Appointments for Flagship Strategies

CBRE Investment Management (CBRE IM) is pleased to announce appointments in lead portfolio management roles for two of its largest flagship open-end strategies, underscoring the firm’s commitment to cross-platform innovation, top talent, diversity and mobility. Elisabeth (Liz) Troni has been appointed as lead Portfolio Manager for the firm’s U.S. core real estate strategy. Lucy Fletcher has joined CBRE IM as lead Portfolio Manager for the firm’s global open-end core-plus strategy, succeeding Troni in this role.

Troni is based in New York and reports to Julie Ingersoll, CIO for Americas Direct Real Estate Strategies. Fletcher is based in Boston and reports to Achal Gandhi, CIO for Indirect Real Estate Strategies.

“We are focused on having top talent throughout our organization,” said Kim Hourihan, Chief Investment Officer for CBRE IM. “I am excited for Liz and Lucy to take on these roles and to leverage their shared areas of expertise—including in next-generation portfolio design, growth sector investing, and sophisticated market insights—to deliver the best of CBRE IM to our clients.”

Troni, who joined CBRE IM in 2019, has 25 years of global real estate investment experience, with expertise in portfolio strategy and execution across geographies, investment formats, and both traditional and specialty sectors.

As Portfolio Manager of the firm’s global core-plus strategy, Troni helped build a diversified portfolio with a long-term overweight to next-generation, emerging-growth sectors. She now will incorporate the relevant knowledge, best practices and insights she developed in her global role to help the U.S. strategy take advantage of opportunities during the ongoing cycle reset.

Troni previously served as Global Portfolio Strategist for CBRE IM, working with clients and the firm’s investment teams to design portfolio solutions across global real assets. Troni is an active member of the Urban Land Institute. She earned a Bachelor of Arts degree in Economics and Political Science from Columbia University.

Fletcher, who has 25 years of global real estate experience, previously spent seven years at QuadReal Property Group in Canada, most recently serving as Global Head of Portfolio Management. There she was responsible for investor oversight, portfolio construction and strategy, liquidity and capital allocations, portfolio impact analysis, performance analytics and identification of key investment risks across the firm’s real estate equity and debt investment portfolio globally.

She was part of the leadership team that grew QuadReal’s real estate platform from CA$24 billion to CA$77.6 billion and helped QuadReal to be a consistently top-performing fund among Canada’s distinguished “Maple 8” public pension funds by rebalancing the portfolio across 25+ countries and with a significant overweight to the growth sectors of industrial, residential and the alternatives.

Fletcher also serves as a board member of INREV. She earned a Masters in Architectural Design from The University of Edinburgh and a Post Graduate Diploma in Estate Management from London South Bank University.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $142.5 billion in assets under management* as of June 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.