Fixed-Income
Davidson Investment Advisors is acquiring the mid-Atlantic based firm, which specializes in municipal and taxable fixed-income investments, in a deal that is expected to close in the first quarter of 2023.
The trust’s incumbent consultant is on a six-month contract.
The institution added a floating rate fixed-income fund within its short-term pool and reduced its investment with a hedge fund manager to fund increased domestic equity and international equity investments within its endowment.
The trust company is looking to commit $150 million to $625 million annually to alternative assets, including alternative fixed-income, hedged equity and private debt, within its endowment.
The plan has issued the RFPs after approving the searches last month.
The plan will search for a new core-plus fixed-income firm after recent asset losses and a change in ownership experienced by its incumbent manager.
The plan approved RFPs for short-term TIPS, long-term government bond and short-term investment grade bond managers at a meeting held last month.
The plan removed a manager structure constraint for its return-seeking fixed-income portfolio and approved a value-add real estate commitment with an existing manager this month.
The plan will fund the new manager by selling off current fixed-income investments.
The city has issued an RFP for investment advisory services and proposals are due Dec. 9.