In its first move to equities, the $22 million Laredo (Texas) Firemen's Relief & Retirement Fund hired Columbia Partners Investment Management to manage $6 million in equities, said Conrado M. Hein Jr., finance director and secretary of the board.
The hiring follows an asset allocation study by Mercer, its consultant.
The fund previously was invested entirely in fixed income. Now it plans to have 30% in stocks, 65% in fixed income and 5% in cash.
The money for the new hire will come from cutting the allocation to Taplin, Canida & Habacht, which is its sole fixed-income manager.