San Jose (Calif.) Retirement Systems - which includes a fund for...

San Jose (Calif.) Retirement Systems — which includes a fund for police and firefighters and another for other city employees — hired three fixed-income money managers to invest a total of $250 million in domestic fixed-income strategies, according to Edward Overton, administrator for the $2.7 billion system. Chicago Trust and Seix Investment Advisors will each manage $75 million in a domestic core-plus fixed-income strategy for the $1.6 billion Police & Fire Department Retirement Plan. Dodge & Cox will manage $100 million in a domestic core fixed-income strategy for the $1.1 billion Federated City Employees Retirement System. The allocations were funded by reducing a $350 million core fixed-income portfolio managed by Scudder Kemper and terminating a fixed-income portfolio managed by Putnam Investments. Putnam was terminated for organizational and performance-related issues, said Mr. Overton. A Putnam spokeswoman said the company has no comment on the decision. Scudder remains a fixed-income manager for San Jose; the reduction was unrelated to performance.