Arizona State Treasury and the Arizona State Board of Investment, Phoenix, approved a 20% allocation to TIPS, said Blaine Vance, chief deputy treasurer. The treasury and board of investment have combined land trust assets of $1.6 billion, all internally managed. Officials were looking for an asset class that wasn't correlated to stocks and bonds, Mr. Vance said.
Funding will likely come from new state land trust sales and trimming other assets classes, but no decisions have been made.
Trinity Consulting assisted.