University of Maine System, Bangor, hired J.P. Morgan Asset Management to run about $5.5 million in an active domestic core fixed-income portfolio for its $40 million defined benefit plan, said Tracy Elliott, director of finance and controller.
The system made the hire for diversification purposes, Ms. Elliott said. Funding will come by reducing by half the portfolio of current active domestic core fixed-income manager Pacific Investment Management Co., which previously ran $11 million.
The other finalists were Income Research & Management and Vanguard Group.
Investment consultant NEPC assisted.
