The modern portfolio manager remains responsible for setting investment strategy and serving as a “steady pair of hands” in difficult moments. But the role is expanding, encompassing more client interaction, reporting responsibilities, knowledge transfer, and significantly more travel than in years past.
“Part of the role is also therapist,” attendees heard at NAREIM’s Portfolio Management Meeting held in New York City last week. “It’s explaining that real estate is a cycle and talking folks off the ledge, both colleagues who are less seasoned and investors.”
- To view meeting photos, access our Flickr album here.
Many attendees described the PM as “the conductor of the orchestra” or “the quarterback,” coordinating across departments, which also means the role becomes “a catch-all for responsibilities.”
Fundraising, in particular, is demanding more of portfolio managers’ time. Investors want more direct access to the people making investment decisions. As a result, PMs are spending more time on the road and in meetings.
The increase in travel is not confined to domestic markets. Participants noted a rise in international travel to engage with investors abroad.
To manage this burden on work-life balance, participants at the meeting suggested delegating some investor interaction to less senior staff and being mindful about blocking off ‘non-meeting’ time for deep strategic thinking.
That approach serves a dual purpose: easing the burden on senior staff while creating valuable development opportunities for junior professionals.
Recruiting & Retaining Talent
Talent development emerged as one of the most discussed topics during the meeting.
Many firms reported that younger professionals are seeking faster advancement and more visible career progression, or “quicker gratification.” Rather than relying solely on promotions, senior leaders at forward-thinking firms are creating alternative pathways for growth, attendees heard.
One approach involves providing analysts with assignments and responsibilities that give them cross-functional exposure to deepen their knowledge without title changes.
“Give your superstar analysts specialized tasks, create in-between steps,” one participant said. “Make them ‘ambassador for research’ or ‘envoy to the sustainability team.’ It creates elevation.”
While there was broad consensus that future portfolio managers benefit from understanding multiple facets of the business before assuming senior leadership roles, formal rotational programs received mixed reviews because they couldn’t deliver depth. Moreover, the ramp-up period in each department is too long for rotation program participants to truly add value.
Fundraising Process
Attendees described an environment where consultants and investors increasingly seek customized reporting, with the volume of requests increasing and requests landing in email inboxes earlier and earlier.
But experienced PMs cautioned against automatically responding.
“Why are investors asking this? How are they using this information?”
Several attendees stressed the importance of understanding the purpose behind a request before determining how much information to provide.
“We set some limits. The more you provide, the more they want.”
Consultant questionnaires and reporting templates continue to expand, creating operational strain.
As such, one participant emphasized the importance of consistency and avoiding precedents that may be difficult to sustain.
According to a NAREIM member survey conducted this spring, three-quarters of portfolio managers said their standard pitchbooks now exceed 21 pages, while more than one-third reported presentations of at least 31 pages.
“Sometimes you don’t need to update the slide deck; you can just speak to the topic at the meeting.”
To access the full 2026 Portfolio Management Meeting takeaways and meeting resources, click here to login to the Info Hub.