oh sorry i mixed the overlay behaviour.
Actually if you spawn something into the world this will alter the modelview, so if you spawn the next it takes the altered modelviewmatrix as base.
I assume to work correctly inside the editor, each time an object is put into the world there is an overlay of the worldmatrix (PushMatrix) and after that there is a (PopMatrix) this results that every drawn object is relative to the worldcoordinate space.
To be honest i really would like to know how epic does this magic for real, because i dont know if im right with this.
However i dont think set up a new coord space is not the right thing to do here 
best regards