The Illinois Municipal Retirement Fund (IMRF) has terminated its mandate with Cozad/Westchester Agricultural Asset Management and has reallocated the $145 million account to Hancock Natural Resource Group (HNRG) adding an additional $100 million to the allocation bringing the total reallocation to $245 million as the Fund moves to increase its allocation to agriculture and alternatives. The $100 million was taken from the public equity portfolio in an effort to bring the alternatives portfolio to 9% of the total portfolio. Currently alternatives account for 5%. The Cozad/Westchester account was terminated not for poor performance but because in 2010 it was acquired by TIAA-CREF giving that company first rights to all new acquisitions which would impede IMRF from growing the mandate.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service