The Real Estate Investment Manager Defined
Most pension plan trustees delegate their investment responsibilities to investment managers. ERISA expressly authorizes trustees to delegate such responsibilities as long as the plan documents specifically allow the trustees to delegate certain of their fiduciary responsibilities.

An investment manager is defined under ERISA as a fiduciary that acknowledges in writing that it is a fiduciary with respect to the plan and is either:

Investment Manager Responsibilities

Discretionary and Non-Discretionary Real Estate Investment Accounts