Ohio State Highway Patrol Retirement System, Columbus, hired Wells Capital Management to handle $44 million in active core fixed income, said Richard Curtis, executive director. Officials of the $700 million fund are also negotiating a contract with another core bond manager, which Mr. Curtis declined to identify, to handle about the same amount. Both are new mandates. The hiring was made for diversification, Mr. Curtis said; the fund previously had one core bond portfolio manager, Munder Capital Management, that handled the entire $300 million bond portfolio.
The system also hired Julius Baer Investment Management to manage $20 million in active international equities benchmarked to the EAFE index, said Mr. Curtis. Funding comes from Bank of Ireland Asset Management, which was terminated in October for underperformance of a $40 million active international equity portfolio, said Mr. Curtis. Officials at Bank of Ireland did not return calls for comment. He added that the fund is currently negotiating a contract with another international equity manager to handle the remaining $20 million, although he declined to identify the firm.
"We originally intended to hire one manager in both the international equity and domestic fixed-income searches, but the board ended up liking two managers in each of the searches," Mr. Curtis said.