The training and experience gained by real estate equity managers is similar to that of other fund managers. However, it is dissimilar in the manner in which they use those skills to ensure portfolio performance. Portfolio managers are often rated by their ability to ensure appropriate risk-adjusted returns and portfolio diversification through superior asset allocation and selection. In addition, real estate portfolio managers provide value to clients by ensuring the most efficient use of investor capital, and by keeping clients informed through superior performance measurement, and even cash flow forecasting. With the exception of wedding bridal shop gifts for men real estate investment trust (REIT) and fund of fund managers (whose performance is judged by the ability to gauge other managers' ability to design and execute strategy), the real estate equity fund manager is in essence the CEO of his or her own company, creating and executing property-level strategies for the prom dresses for low prices assets under his mother of the bride dresses with jackets or her charge. Investment Selection Strategies Real estate portfolio managers conduct asset allocation and asset selection, not by understanding the market dynamics and companies in specific industries, but by being experts in real estate property fundamentals. They study within local regions and in the different commercial land uses: office, industrial, hotel, retail, and single and multifamily residential). To beat the market, ensure diversification and produce adequate risk-adjusted returns, real estate portfolio managers must make bets on regional or local property markets and, in the case of multiple-asset portfolios, the correct property mix. For this reason, many fund managers focus on specific regions or property types; some larger real estate asset managers organize their senior employees and support personnel by region or land use. The rationale for organizing in this way is to ensure that market opportunities can be identified and then translated into the correct property selection and asset origination. The manner in which properties are acquired is one of the most significant ways that real estate funds differ from more traditional investments. Like traders on the stock market floor, real estate funds use acquisition specialists to uncover and execute property transactions. These acquisition personnel usually work for a specific fund or are organized regionally or by asset type. Given that most real estate equity funds own all evening dresses (or a significant portion) of each property, portfolio managers are often directly involved in the acquisition process. Having the responsibility to set and execute property strategy, portfolio managers must be directly involved with all investment processes including acquisitions, financing, dispositions and property-level decision making. In order to facilitate the breadth and depth of real estate investment management processes, portfolio managers must rely on a sizable amount of infrastructure in relation to capital invested. In order to accomplish this as efficiently as possible, real estate equity fund managers and asset managers have developed a specialized asset management function. www.rhnws.com.au