City of Memphis (Tenn.) Retirement System selected Smith Graham to manage $13 million and Nationwide Retirement Solutions to run $9 million, both in active domestic fixed income, for its 457 deferred compensation plan, confirmed Sam Johnson, investment manager for the system. The firms replace Holland Capital Management, which was terminated for performance. Nationwide Retirement Solutions is the plan’s administrator and already manages $42 million in active domestic fixed income for the $160 million 457 plan.
Laura Janus, fixed-income portfolio manager at Holland Capital, acknowledged that the firm “did underperform net of fees” and said: “We regret losing the account.”
