Palm Beach (Fla.) Retirement System invested $3 million in BlackRock's Multi-Asset Income Fund, a global tactical asset allocation fund, said William Hanes, administrator, in an email.
The $206 million pension fund also liquidated its $7 million investment in Aberdeen Standard Investments' Global Absolute Return fund, and will fund the new BlackRock investment with the liquidated assets. Mr. Hanes said performance was discussed before the liquidation was approved. Aberdeen Standard spokeswoman Yvonne Soulsby was not available to provide comment.
The remaining assets were added to the Vanguard Total Bond Market Index fund, increasing that existing portfolio to $8 million.
Investment consultant AndCo Consulting assisted.