Sarasota (Fla.) Police Officers' Pension Fund hired Garcia Hamilton & Associates to run an active domestic core fixed-income portfolio, said Thomas D. Kelley, the city's pension plans administrator, in an e-mail.
The $181 million pension fund conducted an invitation-only search in March for a manager to complement Pacific Investment Management Co. The pension fund's board had decided to create more diversification within the core portfolio following the resignation in January of Mohamed El-Erian, PIMCO's CEO and co-chief investment officer.
PIMCO runs $41.5 million for the pension fund; how much will be split between PIMCO and Garcia Hamilton has yet to be determined.
Other finalists were C.S. McKee, Integrity Fixed Income Management and Richmond Capital Management.
Investment consultant Burgess Chambers & Associates assisted.
