Ohio Police and Fire Pension Fund, Columbus, will search for high-yield and long-duration fixed-income managers later this year, confirmed David Graham, spokesman for the $10.1 billion fund.
The searches are the result of the board's decision in February to boost the fixed-income allocation to 51.6% from 20%.
The fund now has 8% in high yield and 6% in long-duration fixed income, and those amounts will “go up substantially,” Mr. Graham said.
As part of a decrease in U.S. equity exposure, INTECH Investment Management was terminated from a $780 million active large-cap core portfolio and Western Asset Management from a $194 million enhanced index equity portfolio. Western Asset continues to run $477 million in core fixed income.