Denver Employees Retirement Plan terminated core fixed-income manager Smith Graham & Co. Investment Advisors because of its "significant overlap with other areas" of the pension fund's portfolio, said Randy Baum, chief investment officer, in an email.
The $2 billion pension fund had approximately $28 million invested with Smith Graham. Proceeds will be added to the existing Bloomberg Barclays Aggregate Bond index fund allocation. The manager and size of the index fund could not be learned. There are no plans to replace Smith Graham, Mr. Baum wrote.
The pension fund's fixed-income allocation remains unchanged at 20.5%.
Separately, the pension fund board directed investment staff to "develop recommendations for a policy addressing diversity and inclusiveness within (the pension fund's) investment managers," Mr. Baum wrote. No policy currently exists.