Anne Arundel Retirement Systems, Annapolis, Md., hired Bridgewater to manage $30 million in global bonds and W.R. Huff to manage $40 million in domestic high-yield bonds. Both are new asset classes for the $880 million system. Funding comes from cash and reallocation within fixed income, said John R. Hammond, budget officer. Also, the system will consider adding an emerging markets equity manager.
The moves are the result of an asset allocation study by New England Pension Consultants.