Cincinnati Retirement System hired Reams Asset Management to run between $125 million and $130 million in a new active domestic core-plus fixed-income portfolio.
The $2.2 billion pension fund's board approved the hiring at its June 8 meeting, recently released meeting minutes showed.
The hiring was the result of a search the pension fund conducted after the board at its Feb. 2 meeting approved an increase in the target allocation to core-plus fixed income to 11.5% from 6%.
The other finalists were Baird Asset Management and LM Capital Group.
Still in progress is a search for an additional active domestic core fixed-income manager after the board at that same Feb. 2 meeting approved an increase to the core fixed-income target to 8% from 6%. The finalists in that search are Diamond Hill Capital Management, Fort Washington Investment Advisors and Garcia Hamilton & Associates.
Funding sources were not provided in the meeting minutes.
As of Dec. 31, the actual allocation to fixed income was 13.4%.
Investment consultant Marquette Associates assists with all searches.
Karen Alder, city finance director, could not be immediately reached for further information.
