Marin County Employees' Retirement Association, San Rafael, Calif., hired Invesco to run about $29 million in its active balanced-risk commodities strategy, said Jeff Wickman, retirement administrator, in an e-mail.
Invesco will replace passive commodities manager BlackRock, pending successful contract negotiations.
When the $2 billion pension fund's real assets allocation was created in 2014, the association opted to go with passive managers but reserved the right to look at active management in the future, Mr. Wickman previously told Pensions & Investments.
Invesco was selected by the pension fund's investment committee.
The pension fund has a 7% target allocation to public real assets, which is composed of commodities, natural resources equity, real estate investment trusts and Treasury inflation-protected securities.
BlackRock will continue to manage a TIPS index strategy for the pension fund. About $34 million was invested in the strategy as of Dec. 31.