Kathleen Palm was sworn in today as treasurer of Hartford, Conn., succeeding Denise Nappier, who was elected state treasurer. Ms. Palm, who had been deputy city treasurer, said she was appointed by the City Council to complete Ms. Nappier's term, which ends in December. She hasn't decided yet if she will run for the office when her term ends.
Ms. Palm named Shelly Sheppard to succeed her as assistant city treasurer. Ms. Sheppard, director of the city's pension benefit unit, will continue to run that unit and oversee the $950 million pension fund.
The fund, meanwhile, is in the final stages of hiring Goldman Sachs and Atlanta Capital Management each to manage $30 million in domestic equity growth strategies and GE Investments to run $30 million in a core domestic equity strategy. Funding will come from rebalancing existing portfolios and from index funds.
The fund's current asset allocation is 45% domestic equities, 15% international equities and 40% domestic fixed income. In the spring the city plans to shift 10% of the fixed-income allocation into global bonds, Ms. Palm said.