FLINT, Mich. - Genesee County Employees' Retirement System hired Dreyfus Investment Advisors to manage $120 million in active domestic core-plus fixed income and Arnhold & S. Bleichroeder to run $22 million in active international large-cap core equities, said Christopher Kuhn, senior consultant at Asset Strategies Portfolio Services.
The $425 million pension plan funded the Dreyfus hire by terminating a $70 million active domestic core fixed-income portfolio, a $30 million high-yield fixed-income portfolio and a $38 million international fixed-income portfolio. The remaining $18 million was distributed to the plan's other managers. The international equity hiring was funded by terminating a $15 million emerging markets equities portfolio and a $9 million EAFE mandate. The remaining $2 million was distributed to managers across the board, he said. Mr. Kuhn would not identify the terminated managers.