Sewerage and Water Board of New Orleans Employees' Pension Fund hired Western Asset Management to run $20 million in active global TIPS, said Marcia St. Martin, executive director. This is the $199 million pension plan's first global TIPS investment, made to "implement a diversified strategy offering inflation protection," Ms. St. Martin said.
Funding came from a $20 million active domestic fixed-income portfolio managed by Vanderbilt Capital Advisors, which was terminated for performance earlier this year, she said. Officials at Vanderbilt did not return a call by press time seeking comment. Existing active domestic fixed-income manager Orleans Capital Management was temporarily handling the money. Plan consultant FIS Group assisted with the shortlist search.