Nebraska Investment Council, Lincoln, hired Wellington Management to run about $350 million in global fixed income, said Jeffrey W. States, state investment officer.
The council, which oversees $21 billion, including $11.5 billion in defined benefit plan assets, hired Wellington after terminating Rogge Global Partners, which had run $450 million in global fixed income.
Mr. States said the termination was related both to performance and to the council’s recent decision to create a 5% target allocation to bank loans, which, in turn, led to a decision to seek less risk in its global fixed-income portfolio.
The remaining $100 million from Rogge’s allocation will be part of the funding for bank loan managers Franklin Templeton Investments and Loomis Sayles, hired in March to run about $275 millTempleton Investments and Loomis Sayles, hired in March to run about $275 million each.
Angela Ruane, partner and head of North America distribution at Rogge Global Partners, said it is the firm’s policy not to comment on specific clients.
Investment consultant Hewitt EnnisKnupp assisted.
Separately, the council committed $40 million to Energy & Minerals Group Fund III, a private equity fund focusing on the minerals and mining industry in North America and Australia. It is a first-time commitment to the manager.
The council also committed $20 million to Abbott Capital Private Equity Fund VII, a private equity fund of funds managed by Abbott Capital Management. The council previously committed up to $45 million to Fund VI in June 2008.