Knox County Retirement and Pension Board, Knoxville, Tenn., hired Chicago Equity Partners to run $32 million in active core fixed income, confirmed Kim Bennett, executive director of the $250 million system.
At least 70% of the portfolio will be domestic and up to 30% will be international, Ms. Bennett said in a telephone interview.
General consultant Wilshire Associates conducted the shortlist search, launched in August; PIMCO and Prudential Fixed Income were also considered.
Funding came from terminating BlackRock, which ran the assets in a similar style but was dropped for personnel changes and because of the manager's “philosophy,” Ms. Bennett said. She would not elaborate.
BlackRock spokeswoman Jessica Greaney declined comment.