Hartford HealthCare, Hartford, Conn., hired Cohen & Steers to run $75 million in liquid natural resource equities, said David J. Holmgren, chief investment officer.
The health-care company, which has $3 billion in pension, endowment and insurance assets, is the first outside investor in the Cohen & Steers strategy, Mr. Holmgren said.
Funding for the hiring came from a restructuring of Hartford HealthCare’s 10% economically hedged asset allocation, which now includes natural resources, begun last year, Mr. Holmgren said.
Hartford HealthCare’s remaining asset allocation is 55% in growth strategies, which include private and public equities; and a 35% risk-reduction allocation, which includes hedge funds and fixed income.
Investment consultant Mercer Hammond assisted.
Separately, Hartford HealthCare is seeking an investment operations director/comptroller to oversee investment accounting across its $3 billion in assets, Mr. Holmgren said. The position is new.
“We recently created this new position to head our investment operations similar to a senior comptroller,” Mr. Holmgren said. “Ideally, the candidate will have audit experience within an endowment. We’re looking for a start date as soon as possible.”
The investment director will be one of four senior officers at Hartford HealthCare, joining Mr. Holmgren; Kevin Edwards, senior investment director in charge of manager selection; and Andrew Frongello, investment director in charge of risk and performance.
The job posting is on Hartford HealthCare’s website.