Ohio Police & Fire Pension Fund, Columbus, is searching for levered core fixed-income and levered global inflation-linked fixed-income managers to run roughly $800 million and $300 million, respectively, said spokesman David Graham in an e-mail.
The selected core fixed-income manager will replace J.P. Morgan Asset Management, which was terminated last month from a similar strategy because of upcoming changes to the pension fund's strategy for its core fixed-income portfolio and key portfolio management departures at J.P. Morgan's core bond team. The pension fund had approximately $540 million invested in the J.P. Morgan strategy.
Funding for the core bond and inflation-linked bond managers will come from JPMAM and overweight asset classes, which have not been determined, Mr. Graham wrote.
The $13.7 billion pension fund has $1.1 billion invested with Bridgewater Associates in a global inflation-linked bond strategy and is looking for an additional manager.
Investment consultant Wilshire Associates is assisting with the invitation-only searches.
Hiring decisions are expected in the fourth quarter.
