Overland Park (Kan.) police and fire department pension funds hired Garcia Hamilton & Associates to manage a total-return fixed-income portfolio and Bailard to run a core-plus real estate fund, said William E. Dahab, principal and director of research at Dahab Associates, investment consultant to the two pension funds.
The pension funds issued RFPs in December. Both are new allocations for the pension funds, and funding will come from rebalancing; no managers will be terminated.
Garcia Hamilton will run about $16 million in the bond portfolio for the $80 million Overland Park Police Department Retirement Plan and about $5.5 million for the $29 million Overland Park Fire Department Retirement Plan.
Other fixed-income finalists were Pacific Investment Management Co. and Wells Capital Management.
The police department pension fund will invest $4 million and the fire department fund will invest $1.5 million in Bailard's Real Estate Investment Trust, a core-plus fund that follows a REIT structure, according to Mr. Dahab.
Other real estate finalists were ASB Capital Management and UBS Realty Investors.
