West Virginia Investment Management Board, Charleston, with $4.9...

West Virginia Investment Management Board, Charleston, with $4.9 billion in pension and workers compensation fund assets, overhauled its $3.7 billion fixed-income portfolio. Under the new targets, 10% of the portfolio will be allocated to an interest rate anticipation strategy; 45% will stay in a core, domestic portfolio; and 45% will be in a passive corporate and mortage-backed securities strategy. The fund hired Hoisington to run $300 million in the interest rate anticipation strategy, and Barclays Global Investors to run $1.7 billion in the passive, corporate bonds and mortgage-backed portfolio. The fund also retained Western Asset to run a $1.7 billion in core bonds. The fund terminated Lincoln Capital, which had been its second core bond manager. "We just didn’t see any reason to have two core fixed-income managers because these amounts will fall as we move into equities,’’ said H. Craig Slaughter, executive director. The state pension fund expects eventually to have only 40% of its total assets allocated to fixed income.