NEWTON, Mass.--(BUSINESS WIRE)--RMR Real Estate Income Fund (NYSE MKT:RIF) today announced the promotion of Fernando Diaz, CFA, (age 47) to President and Senior Portfolio Manager. Diaz will replace Adam D. Portnoy (age 44) who will remain a Managing Trustee on the RIF Board of Trustees and a co-portfolio manager of the fund along with Mr. Diaz.
Adam Portnoy made the following comment on the announcement:
“Since joining the RMR Funds Fernando has clearly demonstrated his expertise in yield focused real estate investments. Under Fernando’s direction, RIF’s return on net asset value, or NAV, has exceeded both the peer group and the MSCI US REIT benchmark for the most recent one, three and five year measures.1 The Board looks forward to Fernando’s continued leadership.”
Mr. Diaz served as Vice President and portfolio manager of RIF and its predecessor funds since 2007. He also serves as Vice President of RMR Advisors, Inc. the advisor to RIF. Mr. Diaz has over 14 years of experience as a securities analyst and portfolio manager. Prior to joining RMR Advisors, Mr. Diaz was a senior REIT analyst and assistant portfolio manager with GID Securities, LLC and a senior REIT analyst and assistant portfolio manager with State Street Global Advisors/The Tuckerman Group. He received an MBA with a concentration in Finance from Bentley University and a BS in Mechanical Engineering from Northeastern University.
1Source: Morningstar, as of February 19, 2015. The peer group cited was developed by Morningstar. Past performance is not indicative of future results.