Richmond (Va.) Retirement System committed $34.5 million to Stone Harbor Investment Partners for a new core-plus fixed-income portfolio, said Philip R. Langham, executive director of the $560 million pension fund. Funding will come from reducing a core fixed-income portfolio run by BlackRock; BlackRock will continue to manage about $30 million in TIPS, which the system considers as a core fixed-income investment, Mr. Langham said. Stone Harbor was hired through an invitation-only search conducted by RogersCasey, Richmonds investment consultant. Were looking for more alpha, basically, Mr. Langham said.
RogersCasey also is conducting an asset-liability study for the system that is expected to be concluded by March.