Tuesday, 16 September 2014
Last updated 54 min ago
Sep 13 2013 | 10:53am ET
The California State Teachers' Retirement System has hired Hermes Fund Managers to fill a commodities mandate.
Hermes will be one of two commodities managers at the $150 billion public pension fund, the second-largest in the U.S. CalSTRS has not settled on a second manager, Reuters reports.
Hermes and the second manager will split $150 million.
CalSTRS first approved a commodities allocation three years ago, and had considered investing as much as $2.5 billion as an inflation hedge.
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