New Hampshire Retirement System, Concord, hired Manulife Asset Management to run $200 million in an active global multisector fixed-income portfolio, spokesman Marty Karlon said in an e-mail.
Funding comes from the $7.4 billion pension fund’s termination of Pacific Investment Management Co. from a $200 million active domestic core-plus fixed-income portfolio in October.
NHRS did not comment on the reason for the termination.
Separately, the pension fund committed $75 million to NGP Natural Resources XI, a private equity fund managed by NGP Energy Capital Management that focuses on the development of crude oil and natural gas.
Also, the pension fund reduced the portfolio of active domestic large-cap value equity manager Institutional Capital by half, leaving the manager with $200 million.
The pension fund, which originally hired the manager for the portfolio in February 1994, will use the funds to invest in a cash management account for liquidity purposes, Mr. Karlon said. Staff and investment consultant NEPC will identify a cash management account from its database of potential managers, he added.
NEPC assisted with the transactions.
