New Hampshire Retirement System, Concord, hired BlackRock and Fidelity Institutional Asset Management to run $150 million each in global fixed income, said Marty Karlon, pension fund spokesman, in an email.
The $8.9 billion pension fund partially funded the hirings from the termination of manager GAM USA from its $226 million unconstrained fixed-income portfolio. GAM USA was terminated in August based on the recommendation of investment consultant NEPC after the suspension of GAM portfolio manager Tim Haywood. The assets have been held in cash reserves since then.
Separately, the pension fund renewed for two years the contracts of Wellington Management and Segall Bryant & Hamill, which manage $164 million and $149 million, respectively, in active domestic small-cap equities. The contracts were set to expire Nov. 30. No RFPs were issued.
As of June 30, the actual allocations to domestic equities and fixed income were 30.2% and 19.8%, respectively.
NEPC assisted with all transactions.
