Clarion, BlackRock and Barings replacd by Heitman, AEW Capital and UBS. : Tennessee Consolidated Retirement System (TCRS) has replaced three of its six real estate separate account managers, the pension fund has told IPE Real Assets. Clarion Partners, BlackRock and Barings Real Estate Advisers, which between them manage $1.3bn (€1.1bn) of real estate assets on behalf of TCRS, have been replaced by Heitman, AEW Capital Management and UBS Realty Investors. L&B Realty Advisors and two other separate-account managers, JP Morgan Asset Management and DWS, are being retained.