Detroit Policemen & Firemen Retirement System hired Parametric Portfolio Associates and Wellington Management as commodities managers and Arena Capital and Shenkman Capital as high-yield managers.
The $2.7 billion pension fund's board approved the hirings at its April 20 meeting, recently released meeting minutes show.
The sizes of the portfolios were not disclosed in the minutes. Funding for the high-yield managers comes from the termination of Penn Capital Management, the reason for which was not provided. The funding source of the commodities portfolios was not provided.
Investment consultant Wilshire Advisors assisted.
Woodrow Tyler, chief investment officer, could not be immediately reached for further information.