Written by Gabriel Dillard
Fresno County Employees’ Retirement Association has announced a partnership with RBC Global Asset Management (RBC GAM) in support of homeownership, affordable rental housing and small business development in Fresno County.
Through this agreement, the Fresno County Employees’ Retirement Association (FCERA) will invest $45 million through RBC GAM’s Access Capital Community Investment Strategy, which will create a portfolio of fixed income investments in Fresno County. The funds will support investments in homeownership, affordable rental housing and small business loans originated by local lenders using a variety of government loan programs, according to a news release.
“This $45 million initiative fulfills our commitment to our active, retired, and beneficiary members while also making a tangible difference locally,” stated Nathan Magsig, chairman of FCERA. “This is a real double bottom line, benefiting our pension plan and helping others thrive in the community in which we live at the same time. We will help the ‘doers’ in our community succeed while earning a competitive return on our investment.”
Seattle-based consulting firm Verus Investments assisted FCERA with pursuing an investment strategy that fostered economic growth within the community while still earning competitive risk‐adjusted rates of return. After extensive research, Verus recommended the partnership between FCERA and RBC GAM.
“We are excited to partner with FCERA on an investment initiative that will promote and facilitate the development of a strong community through targeted fixed income investments,” said Catherine Banat, Institutional Portfolio Manager for RBC GAM.
FCERA is an independent association established in 1937 that provides retirement benefits for eligible employees of the County of Fresno and participating agencies, including the Fresno-Madera Area Agency on Aging, Clovis Memorial District, Fresno Mosquito and Vector Control District and the Superior Court of California, County of Fresno.