Marin County moves to active natural resources manager

Marin County Employees' Retirement Association, San Rafael, Calif., hired Kleinwort Benson Investors International as an active natural resources equity manager, said Jeff Wickman, retirement administrator, in an e-mail.

KBI will replace State Street Global Advisors, which manages about $35 million in a passive natural resources portfolio, pending successful contract negotiations. KBI’s final allocation size has not been determined.

The $2 billion pension fund has a 7% target allocation to public real assets, which is composed of commodities, natural resources equity, real estate investment trusts and Treasury inflation-protected securities.