Colorado County Officials & Employees Retirement Association, Littleton, hired BlackRock as an underlying opportunistic fixed-income manager in its target-date funds for its defined contribution plans, said Jacob Kuijper, executive director, in an e-mail.
BlackRock replaces Driehaus Capital Management, which managed about $2 million in its active income fund within CCOERA’s target-date portfolios.
Driehaus’ investment philosophy no longer meets CCOERA’s specific needs, and the recent departure of an assistant portfolio manager played a role in the termination decision, Mr. Kuijper said.
Regarding Driehaus’ shift in investment process, Mr. Kuijper wrote: “Over the recent quarters, there has been an increasing correlation to equities while correlations to traditional fixed income have decreased.”
A search was launched earlier this year for Driehaus’ replacement by investment consultant Innovest Portfolio Solutions using multiple manager databases, and quantitative and fundamental screening, Mr. Kuijper wrote.
A Driehaus spokesman could not immediately be reached for comment.
CCOERA’s 401(a) and 457 plans have about $1.2 billion in combined assets.
