Kansas City (Mo.) Police Employees' Retirement System will likely hire its first global fixed-income manager next month, said James Pyle, pension systems manager.
The portfolio size has yet to be determined. The pension fund's investment consultant, R.V. Kuhns & Associates, will recommend a manager at the fund's Aug. 12 board meeting for the first-time allocation to global multistrategy fixed income.
The entry into global fixed income will be part of the pension fund's decision to move slightly from Barclays Aggregate index-benchmarked strategies as a result of a review of its fixed-income holdings.
Funding is yet to be determined, but Mr. Pyle said a manager termination is unlikely.
The pension fund's fixed-income target is 31%; the actual allocation is 31.5%.
The pension fund comprises the $763 million Police Retirement System of Kansas City and the $117 million Civilian Employees' Retirement System of the Police Department of Kansas City.