The decision is due to the ASB Allegiance Real Estate Fund’s underperformance. : Orange County Employees Retirement System (OCERS) is to redeem its investment from a property fund managed by ASB Real Estate Investments valued at $169m (€151m). Last year, IPE Real Assets reported that the $15.87bn pension fund had its investment held in the core ASB Allegiance Real Estate Fund on a watch list for underperformance and was planning to redeem its capital. In a board meeting document, OCERS said it has=d submitted a full redemption to ASB for the quarter ending on 30 June.