Searches and Hires

El Paso County picks Vanguard, Parametric for domestic equity allocations

El Paso County Retirement Plan, Colorado Springs, Colo., hired Vanguard Group to manage approximately $87 million in the Vanguard Institutional Index Fund and Parametric Portfolio Associates to manage $18 million in its defensive equity strategy, said Thomas Pfeifle, executive director of the $362 million pension fund, in an email.

Funding for the Vanguard S&P 500 index fund will come from the termination of a State Street Global Advisors' S&P 500 index fund. Funding for Parametric will come from the termination of Nuveen subsidiary Santa Barbara Asset Management's domestic equity dividend growth fund.

The pension fund had about $21.6 million invested in the Santa Barbara fund. The remaining $3.6 million will be transferred to cash. A change in the pension fund's asset allocation strategy was cited as the reason for Parametric's selection. Mr. Pfeifle declined to provide additional information on the asset allocation changes at this time.

Liquidity and fees were provided as reasons for the switch to Vanguard.