Following the industry consultation on the Total Global Expense Ratio (TGER), INREV organized a webinar on 16th May 2018. We are honoured to present the video recording of the webinar titled “Global Best Practices for Fees and Expense Metrics Webinar”.

The session, led by Renaud Breyer, EY, and Barbara Flusk, Citco Fund Services, examines the current market practices in fees and expense metrics and their related disclosures as well as presenting the new Total Global Expense Ratio (TGER) – the first globally consistent measure for real estate investment vehicle fees and costs which INREV, ANREV, NCREIF and PREA jointly developed.

The webinar covers:

• INREV Guidelines for calculation and disclosure of fees and expense metrics
• NCREIF PREA Reporting Standards measure of fund fee load
• Global initiative on Total Global Expense Ratio
• Benefits of implementing these guidelines

The webinar will be of interest for investors, fund managers as well as advisors. It will be of particular interest for investment managers who work in fund reporting and those on the product development side who are interested in trends in fee terms and structures.

To find out more about TGER, download the file below to access the video recording.

ANREV has launched the second release of the ANREV Pan Asia Open-End Diversified Core Fund Index (Pan Asia ODCI).

Please provide feedback and comments to Ricky Cheng at [email protected] or Amélie Delaunay at [email protected]

Strong returns of opportunitistic funds in Q1 2018

• The ANREV All Funds index returned 2.43% down from 4.55% previously
• Opportunity funds overperformed core and value added returns with 3.89% compared with returned 2.42% and 1.04% respectively

Data contributions were received from 95 funds with a total gross asset value of US$128.7 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Ricky Cheng at [email protected] or Amélie Delaunay at [email protected]

ANREV has launched the fourth release of the IRR by vintage index. The ANREV IRR/Investment Multiple Index (The IRR Index) measures performance of value added and opportunistic non-listed closed end funds focused in Asia Pacific.

We welcome any questions or comments - please email [email protected]

The ANREV Australia Monthly Index saw a total return of 0.43% in May 2018 and a financial year to date return of 9.66% illustrating the strong performance of the Australian market. The ANREV Australia Core Open End Fund Monthly Index currently includes 19 funds with a total GAV of AUD 99.96 billion.

Please contact Amélie Delaunay at [email protected] or Ricky Cheng at [email protected] if you have any questions regarding the Index.

The 10 largest managers represent 38.6% of the overall asset under management

• Total real estate AUM increased by 11.8%, from US$2.5 trillion to US$2.8 trillion
• Five managers posted real estate assets under management of more than US$100 billion each
• Average AUM increased by 22.2%, from US$14.4 billion to US$17.6 billion

As of 31 December 2017, the total real estate assets under management (AUM) was US$2.8 trillion compared to US$2.5 trillion at the end of 2016. Non-listed real estate represents a significant portion of total real estate assets under management. Of the US$$2.8 trillion total AUM, non-listed accounts for 83.3% or US$2.4 trillion.

The Blackstone Group tops the list with US$193.8 billion of gross asset value (GAV) of non-listed real estate assets under management. Following closely, Brookfield Asset Management ranks second with US$155.5 billion of total real estate AUM. PGIM occupies the third position with US$127.9 billion of global real estate AUM.

It is critical that big data be sourced and combined with multiple datasets and massaged with more advanced analytical skills to deliver deeper insights and better predictive power for the future. Only then will companies be able to harness the power of big data to make informed and strategic decisions, rather than decisions based on guesswork or historical best practices.

If members have any questions, or require a more detailed explanation of any of the points referenced in this note, please contact the ANREV Technology and Innovation Working Group at the following e-mail address: [email protected]

We would also be keen to hear members’ experiences of big data, and/or their views on how this technology will impact the industry in the coming years.