Colorado County Officials & Employees Retirement Association, Littleton, is looking for a commodity fund manager to possibly help manage five risk-based portfolios for its 401(a) and 457 plans, confirmed Jacob Kuijper, executive director.
The plans, with a combined $1.2 billion in assets, will drop Highbridge Capital Management's Dynamic Commodities Fund, effective Jan. 17. Highbridge parent, J.P. Morgan Asset Management, notified CCOERA the firm has decided to liquidate the fund.
The Highbridge fund runs about $11.8 million in plan assets, Mr. Kuijper said. The assets will be moved to the Credit Suisse Commodities Return Strategy Fund, which has an equal weighting to the Highbridge offering in the five risk-based portfolios.
Innovest Portfolio Solutions, consultant to the plans, will conduct a shortlist search to potentially replace the Highbridge fund. Interested commodity managers can contact Innovest. Mr. Kuijper said the association could elect not to add a replacement fund.