Alaska Retirement Management Board (ARMB) has allocated additional capital to its core separate account relationship with Sentinel Real Estate and has reduced its farmland and timberland managers to help cut cost.
The pension fund said in a meeting document that it has added $125m (€103.1m) to the $171.3m Sentinel Real Estate separate account which owns three assets.
ARMB said its $865.6m farmland portfolio will now solely be managed by UBS Agrivest and Timber Investment Resource will manage its $365m timber portfolio.
Hancock Agricultural Investment Group previously managed a $288.4m farmland portfolio and Hancock Natural Resource Group had in the past overseen a $95.5m timber portfolio for the pension fund.
ARMB said the consolidation was to help improve the cost and fee structure of the real asset portfolio and also refine the strategic focus.
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