Dallas Police & Fire Pension System hired Longfellow Investment Management to run $76 million in an active domestic core fixed-income portfolio.
The $1.9 billion pension fund's board approved the hiring at its June 11 meeting, said Kent Custer, chief investment officer, in an email.
The pension fund conducted a shortlist search beginning in January, according to board meeting materials. The board originally approved a search for an active manager in November 2018 following the approval of an asset allocation implementation plan.
However, the search was delayed due to staff resource constraints at the time, and the assets have been temporarily parked in a passive fixed-income portfolio managed by Vanguard Group. Funding for the new hire will come from that portfolio.
The other finalist was Baird Advisors.
As of March 31, the pension fund's actual allocation to fixed income and cash was 29.7%.
Investment consultant Meketa Investment Group assisted.
