Chattanooga Fire and Police fund adds core fixed income

Chattanooga (Tenn.) Fire and Police Pension Fund hired Johnson Institutional Management to run between $10 million and $15 million in active domestic core fixed income.

The board selected Johnson at its Dec. 7 meeting, according to recently released board minutes. The $215 million pension fund issued an RFP in July for a manager benchmarked to the Bloomberg Barclays U.S. Aggregate Bond index. The other finalist was Garcia Hamilton & Associates.

At the same meeting, the board approved full redemptions from four portfolios to fund the new core fixed-income portfolio as well as a $12 million commitment to a timber and farmland fund managed by Hancock Natural Resource Group approved in October.

Redeemed assets came from an emerging markets debt portfolio managed by TCW Group and a high-yield fund, an asset allocation fund and a credit fund managed by Pacific Investment Management Co. Sizes of the portfolios and reasons for the redemptions could not be immediately learned.

Investment consultant Dahab Associates assisted.

Katrina Abbott, fund administrator, could not be immediately reached to provide further information.