<!-- Swiftype Variables -->

Pension Funds

Burlington Employees narrows fixed-income search to 3 finalists

Burlington (Vt.) Employees' Retirement System named three finalists in its search for an active domestic core fixed-income manager to run up to $37 million.

The $194 million pension fund's board at its Monday meeting approved Garcia Hamilton & Associates, Johnson Institutional Management and Ryan Labs Asset Management as finalists, said Kevin Condy, research analyst at Dahab Associates, the pension fund's investment consultant.

The pension fund issued an RFP in December because it wants to change all or part of its core fixed-income portfolio to an active strategy from passive. The current manager, Mellon Investments, which runs a passive portfolio, was invited to bid for the services but did not.

Mr. Condy did not know when the finalist presentations would take place. Stephanie Hanker, the pension fund's retirement administrator, could not be immediately reached to provide further information.

Dahab is assisting with the search.