CalSTRS Picks Hermes For Commodities

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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