Alabama Trust Fund, Montgomery, hired Aberdeen Asset Management to run $100 million in core-plus fixed income. The $3 billion fund wants to invest more in core-plus fixed income so we have more flexibility to move in and out of different markets, said Anne Elizabeth McGowin, the states assistant finance director. Funding comes from reductions in the trust funds other portfolios; Ms. McGowin said no managers were terminated.
The fund also switched its fixed income portfolios with Western Asset Management and Pyramis Global Advisors to core plus, Ms. McGowin said. The $423 million run by Western and the $341 million managed by Pyramis had been in core fixed income.
The state of Alabama oversees the fund. The funds principal comes from oil and gas capital payments paid to the state.