Austin (Texas) Police Retirement System hired Orleans Capital Management to run $55 million in core fixed income, according to recently released minutes of the Oct. 15 board meeting.
The funding source for the new hire was not available. Investment consultant The Bogdahn Group assisted.
Separately, the $585 million pension fund updated its long-term target asset allocation, just 18 months after it approved new long-term targets.
Fixed income was decreased to 10% from 15%; private equity increased to 12.5% from 7.5%; hedge funds increased to 10% from 7.5%; and timber decreased to 5% from 7.5%. Public equity remained at 45%, real estate, 15%; and cash, 2.5%.
Sampson Jordan, CEO, did not return a telephone call by press time.