Fixed-Income
The hire resulted from a new asset allocation change.
The selected firm will help manage the authority’s bond proceeds.
The plan is looking to diversify its current fixed-income bucket.
The pension trust is running searches for investment grade corporate credit and multi-asset managers to handle respective allocations of $660 million and $130 million.
The foundation approved a new investment policy statement and revised its target asset allocation, including maiden short-duration fixed-income and cash targets last week.
The plan began an invitation-only search last quarter.
The retirement system is expected to approve the search at its February board meeting.
The plan trimmed its fixed-income manager roster to two from three following a strategic review.
Two of the searches stem from a revised asset allocation adopted last month.
The six managers will each handle a maximum of $600 million.
