City of Kansas City (Mo.) hired Northern Trust Quantitative and MetLife to oversee $50 million and $100 million, respectively, in passive fixed income. They replace Smith Graham and Phoenix Investment Council because the board wanted to reduce its exposure to active management, said Rick Boersma, retirement systems executive officer.
The $675 million fund also has shortlisted an undisclosed roster in its search for a real estate manager. It is entering the asset class for the first time, said Mr. Boersma. The mandate size and source of funds are undetermined at this time and no inquiries are requested.
