Iowa Public Safety Peace Officers’ Retirement, Accident and Disability System hired Lord Abbett to manage $25 million in core-plus fixed income, according to Jina Bresson, executive officer, state treasurer’s office.
The move was part of a rebalancing of the fixed-income allocations of the $333 million public safety fund and the $127 million Iowa Judicial Retirement System, both based in Des Moines.
The public safety fund also rehired Loomis Sayles for core-plus and Dix Hills Partners for enhanced fixed income, reducing their allocations to $45 million and $10 million, respectively, from $78.7 million and $15.9 million.
In addition, the judicial system rehired Principal Global Investors for multisector-plus fixed income, keeping its allocation at $32 million, while dropping Dix Hills, which managed $2.5 million in enhanced fixed income.
The moves were designed to rebalance the fixed-income allocation to the 25% target for both retirement systems, Ms Bresson said in an e-mail.
The changes were part of an RFP issued last February by Michael L. Fitzgerald, state treasurer, who oversees the systems, in anticipation of the contracts of the existing mangers expiring.
Buck Consultants, investment consultant for both retirement systems, assisted in the searches.