Oakland (Calif.) Police & Fire Retirement System hired Ramirez Asset Management as a domestic core fixed-income manager, said a recently released draft of minutes from the investment and financial committee.
Ramirez will replace existing domestic core fixed-income manager T. Rowe Price Group.
A search was launched in the spring for a potential replacement manager to run between $30 million and $40 million. “Fees and flat performance (were) drivers of the search,” David Sancewich, principal at Pension Consulting Alliance, investment consultant for the $370 million pension fund, previously told Pensions & Investments.
A final allocation size could not immediately be learned.
The other finalist was Baird Advisors.
Mr. Sancewich could not immediately be reached for additional information by press time. A T. Rowe Price spokesman declined to comment.