Searches and Hires

Bristol County picks 3 to manage $90 million in fixed income

Bristol County Retirement System, Taunton, Mass., hired three managers to run a total of $90 million in various fixed-income strategies.

Franklin Templeton (BEN) Investments (BEN) was hired to manage $25 million in a global sovereign fixed-income strategy; GoldenTree Asset Management, $20 million in a global diversified high-yield fixed-income strategy; and Pacific Investment Management Co. was rehired to run $45 million also in global diversified high-yield fixed income, said Roxanne L. Donovan, executive director of the $675 million pension fund.

The search was launched in July to comply with state law, which requires contracts be put out for bid every few years.

Franklin Templeton is replacing Colchester Global Investors, which rebid. GoldenTree's funding comes from reducing PIMCO's allocation.

Investment consultant Segal Marco Advisors assisted with the search.