Clarion CRA Securities will be subadvising The Pilgrim Global Real Estate Fund, a open-end mutual fund focused on equity securities of companies participating in the real estate industry. ING Pilgrim Investments is the adviser.

"Global real estate securities make a lot of sense for investors looking for total return, diversification and yield," contended Steven Burton, director and portfolio manager at Clarion. "Correlation to equities, bonds, and other regional real estate markets is generally low, dividend yields are attractive, industry fundamentals are healthy and valuations remain compelling."

"Valuations of real estate securities have reached cyclical low points in many parts of the world," added Bob Boulware, president of ING Pilgrim. "This fund provides diversification benefits not afforded by a U.S.-only real estate fund."

The fund was open to retail investors on November 5. 

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