Searches and Hires

Arlington County selects DoubleLine to run active domestic core fixed income

Arlington County (Va.) Employees' Retirement System hired DoubleLine Capital to run a $100 million active domestic core fixed-income portfolio, recently released board meeting minutes showed.

The $2.2 billion pension fund's board approved the hiring at its Oct. 4 meeting based on the recommendation of investment consultant Windmark Investment Partners, which said in the minutes that DoubleLine's strategy is complementary "to the fund's existing fixed-income positions, potentially providing a higher expected rate of return in a variety of interest rate scenarios, while offering enhanced diversification relative to equities."

Funding comes from reducing a passive fixed-income portfolio managed by Northern Trust Asset Management by $75 million and a fixed-income account managed by Loomis Sayles & Co. by $25 million. The total sizes of their portfolios could not be immediately learned.

As of June 30, the actual allocation to fixed income/cash was 33%.

Daniel Zito, executive director and chief investment officer, could not be immediately reached to provide further information.