Flint (Mich.) Employees' Retirement System hired its first international fixed-income manager and is sending out RFPs for its first international equity manager, said John W. Northrup, chairman of the retirement system.
Fiduciary Trust was awarded $3 million for non-U.S. bonds, following a search by Callan.
The $700 million fund is looking for an international equity manager to run $20 million. RFPs go out this week; Mr. Northrup expects the search to be completed in mid-December.
The hires and search are a result of an asset allocation study that recommended a decrease in the fund's domestic equity weighting of 44% and a corresponding increase in international stocks and bonds.