Fresno County (Calif.) Employees’ Retirement Association hired Invesco to run about $120 million in an active commodities strategy, said Donald Kendig, retirement administrator, in an e-mail.
Invesco replaces BlackRock, which ran a $120 million passive commodities strategy.
In October, the $3.9 billion pension fund’s investment consultant, Wurts & Associates, recommended the switch to an active strategy, and presented four managers for consideration: BlackRock, Invesco, Wellington Management and Gresham Partners.
Wellington was the other finalist.