Spokane Employees signs Sterling Capital for move to active core bonds

Spokane (Wash.) Employees’ Retirement System hired Sterling Capital Management to run about $28 million in active domestic core fixed income, said Phillip Tencick, retirement director.

The $280 million pension fund hired Sterling following its decision to switch its core fixed-income portfolio to active from passive and to a longer duration to “move in line” with the Barclays Aggregate Bond index, said Mr. Tencick in a telephone interview. As a result, Vanguard Group, which managed a $28 million passive domestic core fixed-income portfolio, was terminated.

Investment consultant Hyas Group assisted.