Iowa Municipal Fire & Police Retirement System, West Des Moines, hired Dodge & Cox to manage $72 million in core-plus fixed income, said Terry Slattery, executive director.
Funding will come from terminating a $72 million Barclays Capital U.S. Aggregate bond index fund, managed by State Street Global Advisors.
The hiring is the result of a search the pension fund conducted earlier this year.
Summit Strategies Group, the pension fund’s investment consultant, assisted.
Separately, the $2.2 billion pension fund retained Wells Fargo Bank for custodial banking services, renewing its contract for three years, Mr. Slattery said. The contract was scheduled to expire Nov. 1. The pension fund negotiated a new contract and did not conduct a search, Mr. Slattery said.
