Baltimore City Employees' Retirement System hired Pugh Capital Management to run a $64 million core fixed-income portfolio.
The $1.6 billion pension fund's board approved the hiring at its June 18 meeting, recently released meeting minutes show.
At the same meeting, the board terminated Pacific Investment Management Co. from its active domestic core-plus fixed-income portfolio. The reason for the termination was not provided, but May 21 board meeting minutes noted PIMCO was on watch for organizational reasons.
The pension fund conducted a shortlist search, and the other finalists were BMO Global Asset Management and Income Research & Management, those earlier meeting minutes show.
As of March 31, the actual allocation to fixed income was 23.8%; the target is 22%.
Investment consultant Marquette Associates assisted.
David Randall, executive director, could not be immediately reached for further information.
