Michigan Department of Treasury, Lansing, slightly raised its target real estate allocation yesterday, hiking it to 8.5% from 7.5%, said Roy Pentilla, acting director for the department, which oversees $40 billion.
Michigan staffers will work internally to decide how to invest the increased allocation. The change led to a decrease in the department's cash target, to 1% from 2%.
Separately, he said interviews for a permanent director have begun through the Treasurer's office.
Also, Michigan has yet to make any investments in a 2% long-only commodities allocation it received permission to implement last year, Mr. Pentilla said. The department is waiting for a better commodities market environment.
Graphic Communications, Inter-Local Pension Trust, Chicago, terminated Stacey Braun as a U.S. Treasuries manager. The firm's performance was lackluster, said James Mitchell, executive director of the $1.4 billion fund.
Stacey Braun President Martin H. Wexler was not available for comment at press time.
The $15 million portfolio will be managed by existing passive equity manager ANB. Ennis Knupp assisted.