Kansas City (Mo.) Employees’ Retirement System hired fixed-income managers Dodge & Cox and Wellington Management following an asset allocation review, said Richard Boersma, executive officer.
The $1 billion pension fund hired Dodge & Cox to run its active domestic core strategy, and Wellington to run its global total return strategy. The hires are part of an effort to further diversify the pension fund’s fixed-income lineup. Exact amounts the managers will be running have yet to be determined, Mr. Boersma said.
Funding will come from reducing the portfolios of passive domestic core fixed-income manager Northern Trust Asset Management, which currently runs $135 million, and active domestic core-plus fixed-income manager Western Asset Management Co., which currently runs $70 million.
Investment consultant Hewitt EnnisKnupp assisted.