West Midlands Pension Fund, Wolverhampton, England, and London Borough of Lewisham Pension Fund both hired Investec Asset Management to run about $50 million each in commodities, confirmed Vian Sharif, Investec spokeswoman.
The £7.8 billion ($11.5 billion) West Midlands fund hired Investec to run $50 million, while the £642 million Lewisham plan assigned $51.8 million.
Lewisham began a search in October after creating a 5% commodities allocation earlier last summer. Hymans Robertson assisted. No information was available on West Midlands' search.
Attempts to reach officials at Lewisham and West Midlands were unsuccessful.