Burlington (Vt.) Employees' Retirement System hired Johnson Asset Management to run about $40 million in active domestic core fixed income, said Steven Roth, chief investment officer at Dahab Associates, the $194 million pension fund's investment consultant.
The pension fund issued an RFP in December 2018 after deciding to move its core fixed-income portfolio to an active from a passive strategy. The passive incumbent Mellon Investments did not rebid.
Other finalists were Garcia Hamilton & Associates and Ryan Labs Asset Management.
As of June 30, the actual allocation to fixed income was 20.4%.
Dahab assisted with the search.
