Georgia municipal fund hires fixed-income managers

Gainesville (Ga.) Employees' Retirement Fund hired active domestic fixed-income managers PIMCO and Taplin, Canida & Habacht to run $9 million each, pending contract negotiations, said Denise Jordan, retirement board secretary and city clerk. The $45 million pension plan terminated the bond portions of balanced portfolios run by Davis Hamilton Jackson and AllianceBernstein, Ms. Jordan said. Davis Hamilton continues to run about $7 million in active domestic large-cap growth equities; AllianceBernstein runs $7 million in active domestic large-cap value, she said. Trustees wanted to use specialist bond managers, she said. Merrill Lynch assisted.