Vermont Pension Investment Committee, Montpelier, hired Manulife Asset Management to run about $215 million in a strategic fixed-income strategy, recently released committee minutes said.
Manulife's hire in May was followed the next month by the termination of Guggenheim Investments, which was hired in 2013 to manage $110 million in high-yield fixed income.
The committee placed Guggenheim on watch late last year following a request by Matt Considine, director of investments, after a "conference call that staff held with Guggenheim Investments related to a recent article that alleged self-dealing by the firm," the minutes said. Katie Green, investments manager at the Vermont treasurer's office, did not respond to a request for comment on Monday.
The state pension fund had $4.3 billion as of June 30.