City of Tampa General Employees' Retirement Fund, with $360 million in assets, is conducting a search for a second fixed-income manager, said Paul Broughton, accountant at the fund. A second firm is being sought to complement the fund's sole fixed-income manager, Madison Investment Advisors, he said. Madison has a conservative management style, with investments with an average of 3.5-year duration. The fund wants a manager with a less conservative style to enhance returns.
The new manager will handle about half of $80 million now managed by Madison.
Sandra Morelli of Mercer is the consultant; she expects the search by early December.
The board will discuss some of the criteria for a shortlist at its Oct. 15 meeting.