Detroit General Retirement System hired Shenkman Capital Management to run about $60 million in short-duration high-yield fixed income.
The $2 billion pension fund's board approved allocating 3% to the manager at its Dec. 18 meeting, recently released minutes show.
It was the third fixed-income hiring by the pension fund in two months.
The board approved an overall 4% allocation to the two managers, with Income Research & Management managing two-thirds of the portfolio, or about $53 million, and Garcia Hamilton managing one-third of the portfolio, or about $27 million.
The funding sources for the portfolios could not be immediately learned.
Ryan Bigelow, chief investment officer, could not be immediately reached to provide further information.