El Paso County Pension System, Colorado Springs, Colo., is searching...

El Paso County Pension System, Colorado Springs, Colo., is searching for its first core intermediate bond manager to diversify its $155 million defined benefit plan, said Dave Klemmer, plan administrator. No RFPs were issued. Summit Strategies Group, the fund’s consultant, will recommend candidates. The new manager will receive between $10 million and $15 million. Funding will come from reducing by $6 million a $40 million domestic large-cap growth portfolio managed by Fayez Sarofim. The remainder will come from reducing a $49 million domestic fixed-income portfolio run by Loomis Sayles. A decision is expected by October. Separately, State Street Global Advisors was hired as the system’s first Russell 1000 growth index manager to diversify the plan.