Hollywood (Fla.) Employees' Retirement Fund hired GoldenTree Asset Management to run about $12 million in multisector fixed income, said Lisa Castronovo, pension coordinator, in an email.
The $312 million pension fund conducted a shortlist search; Crescent Capital Group and Loomis Sayles & Co. were the other finalists.
As of March 31, the actual fixed-income allocation was 25.6%; the target is 30%. Ms. Castronovo said no managers are being terminated, but did not provide a funding source.
Investment consultant Segal Marco Advisors assisted.