San Antonio Fire & Police Pension Fund hired Commonwealth Advisors to run $30 million in a commingled core fixed-income fund that will take advantage of pricing dislocations within the mortgage-backed and asset-backed securities markets, confirmed A.C. Berry, investment analyst. Funding comes from terminating Harris Associates, which ran $98.4 million in a commingled international equity fund, for performance. Another $25 million from Harris went to an international large-cap value equity fund run by LSV, while Julius Baer got $25 million for its international equity fund. The remaining $18.4 million went to cash. With the additions, LSV and Julius Baer now run about $90 million and $103 million, respectively, in commingled funds.
Harris Associates spokesman Mike Neary could not be reached by deadline for comment.
Separately, the fund hired Consulting Services Group to conduct an asset/liability study, Mr. Berry said. Other finalists were Callan Associates, Mercer and Wilshire. Mr. Berry expects the study to be ready in the second quarter; searches for new managers would not come until the fall at the earliest.