Forth Worth to redeem commodity fund investment

Fort Worth (Texas) Employees' Retirement Fund will redeem its $15 million investment in the Schroders Opus Commodity Fund, said Robert Hulme, interim executive director/chief investment officer.

The $2 billion pension plan is redeeming its assets in the fund, which is managed by Schroders NewFinance Capital, because of underperformance and a preference not to invest in a fund-of-funds structure, Mr. Hulme said. Beth Saint, spokeswoman for Schroders, could not be reached for comment by press time.

The pension fund has no plans to reinvest the assets in commodities when the redemption is completed in about four months.