Funding for the hire will come from the fund's $134 million investment in Northern Trust Asset Management's NTGI Russell 1000 index fund, Aoifinn Devitt, chief investment officer, said in an email.
Trustees of the $2.6 billion fund for uniformed officers approved the hire at a board meeting Thursday.
Trustees also approved the reallocation of $10.5 million to Voya Senior Loan Trust Fund from the fund's existing $21 million investment in Voya Credit Opportunities Fund. Both funds are managed by Voya Investment Management.
The fund's commitment to the senior loan fund is "doubling up to a degree," Ms. Devitt said, because the Voya credit opportunities fund also is invested in the loan fund.