Kansas City (Mo.) Police Employees' Retirement Systems hired Brandywine Global Investment Management to run a total of $67.5 million in two active global opportunistic fixed-income portfolios, said James Pyle, pension systems manager.
Brandywine, the retirement systems' first global fixed-income manager, will run $58.5 million for the $763 million Police Retirement System of Kansas City and $9 million for the $117 million Civilian Employees' Retirement System of the Police Department of Kansas City.
Investment consultant RVK Inc. recommended the manager after an earlier decision by the systems to move slightly away from Barclays Capital Aggregate index-benchmarked strategies.
Funding will come from rebalancing; no managers will be terminated.