Cincinnati Retirement System rehired Marquette Associates as investment consultant and hired Diamond Hill Capital Management to run $130 million in active domestic core fixed income.
The $2.2 billion pension fund's board approved the hirings at its Aug. 3 meeting, recently released meeting minutes show.
The pension fund had issued an RFP for an investment consultant in May due to the upcoming expiration of Marquette Associates' contract. According to the Aug. 3 meeting minutes, the board received five proposals and eschewed finalist presentations because Marquette's overall score was highest.
The Diamond Hill hire was the culmination of a search for an additional core fixed-income manager after the board at its Feb. 2 meeting approved an increase to the core fixed-income target to 8% from 6%. The other finalists in that search were Fort Washington Investment Advisors and Garcia Hamilton & Associates.
As of Feb. 28, the pension fund's actual allocation was 28.3% domestic equities, 21.9% real assets, 19% international equities, 14.6% fixed income, 11.2% private equity, 2.6% defensive equity, 1.5% private debt and 0.9% cash/other.
The target allocation is 28.5% domestic equities, 22.5% fixed income, 18% international equities, 17.5% real assets, 8% private equity, 3% private debt and 2.5% defensive equity.
Karen Alder, city finance director, could not be immediately reached for further information.
