Laredo (Texas) Firefighters' Retirement System hired BlackRock to run $6 million in its iShares global real estate investment trust exchange-traded fund and $17.4 million in its aggregate bond index fund, said Jaime Jasso, pension administrator.
Funding will come from REIT manager CBRE Clarion Securities and core bond manager J.P. Morgan Asset Management, respectively, which were terminated because of performance, Mr. Jasso said. Whether to seek active replacements for CBRE and JPMAM could be decided at future board meetings.
A JPMAM spokeswoman declined to comment. A spokesman for CBRE could not immediately be reached for comment.
Additionally, smidcap value equity manager Cramer Rosenthal McGlynn was put on watch because of performance, Mr. Jasso said. The $117.2 million pension fund has $6.1 million invested with CRM.
A CRM spokeswoman was not immediately available for comment.
Investment consultant Fund Evaluation Group assisted with the changes.
