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.
Investment consultant Burgess Chambers & Associates assisted.