Fresno County (Calif.) Employees' Retirement Association hired RBC Global Asset Management to run $45 million in RBC's affordable housing program, confirmed Lisa Seidenberg, a spokeswoman for the $4.7 billion pension fund.
FCERA will invest the money through RBC GAM's Access Capital Community Investment strategy, which will create a portfolio of high-quality fixed-income investments in Fresno County. The investments will support homeownership, affordable rental housing and small-business loans originated by local lenders using a variety of government loan programs.
The pension fund's investment consultant, Verus Advisory, recommended investing in the program.
