Fixed-Income
The pension plan hired a firm to complement its existing fixed-income managers and rehired its general investment consultant yesterday.
Plan agreed to hire one of three core bond finalists to present at this week’s board meeting.
The proposed portfolio structure would result in searches for core, credit, U.S. Treasury, emerging market debt, securitized products and bank loans.
The searches are part of an implementation plan for its newly increased target allocation to yield-driven strategies.
The county is looking to hire one or more fixed-income managers to handle $600 million.
The city is seeking fixed-income management services for roughly $184 million in assets.
The selected firm will manage two fixed-income portfolios valued at roughly $937 million.
The searches are part of an implementation plan following approval of a new asset allocation in May.
The fund will consider hiring an overlay manager to synthetically replicate its public credit benchmark and policy index after holding a second reading and considering adopting proposed changes to its investment policy statement and strategic asset allocation.
The retirement plan filled its new private credit allocation in the second quarter.