North Dakota State Investment Board, Bismarck, hired J.P. Morgan Asset Management to run about $118 million in mortgage-backed securities, said David Hunter, executive director and chief investment officer.
The board, which oversees $9.2 billion in assets, including $4.67 billion in pension assets, conducted the invitation-only search earlier this year because existing manager Western Asset Management Co. was on watch for personnel changes.
BlackRock was the other finalist.
The board has a 6.5% target to mortgage-backed securities.
Investment consultant Callan Associates assisted.