Tulare County Employees' Retirement Association, Visalia, Calif., hired Wellington Management and Gresham Investment Management to run $27.5 million each in active commodity strategies, confirmed David Kehler, retirement administrator.
Invesco was also a finalist. Funding comes from a passive commodities portfolio managed by BlackRock. Mr. Kehler said executives of the $1.2 billion pension fund thought they could get higher returns from active portfolios that can time future contracts better.
The hires are the result of a shortlist search conducted by investment consultant Wurts & Associates.
