The Muskegon (Mich.) Employees' Retirement System, with $60 million in two defined benefit plans, hired a fixed-income index fund manager and will be searching for an equity manager, said Timothy Paul, director of finance.
ANB Investment Management was hired for $25 million in a Lehman Aggregate Index fund, Mr. Paul said.
System officials next will hire an equity manager to run $29 million in an undetermined style, he said. Historically, the system has tended to favor a value style, he said. After they decide on a style, which should be soon, they will begin the search, he said. Mr. Paul said they hope to have the equity manager on board by June.
Becker Burke is assisting.
Also, Phoenix Duff & Phelps was terminated as the fund's balanced manager, he said.