Detroit General Retirement System hired Income Research & Management and Garcia Hamilton & Associates to run $80 million in active domestic core fixed-income portfolios.
The $2 billion pension fund's board approved hiring IR&M to run $53 million and Garcia Hamilton to run $27 million at its Nov. 6 meeting, recently released minutes show.
The board approved the recommendation of the investment committee and Chief Investment Officer Ryan Bigelow to allocate 4% of the retirement system's assets to core fixed income and to allocate two-thirds to IR&M and one-third to Garcia Hamilton.
The funding source was not provided.
Mr. Bigelow could not be immediately reached to provide further information.
