Kansas City (Mo.) Employees' Retirement System hired PGIM Fixed Income to manage a $150 million active domestic core-plus fixed-income portfolio, said Barbara Davis, executive director, in an email.
Funding has yet to be determined. The $1.1 billion pension fund had terminated Wellington Management from a $52 million core fixed-income portfolio in 2017 for underperformance and was looking at the time into restructuring fixed income overall. Ms. Davis said precise targets have yet to be determined.
Investment consultant RVK assisted.