East Bay Municipal Utility District Employees' Retirement System, Oakland, Calif., hired Garcia Hamilton & Associates to run about $170 million in active core fixed income, recently released board meeting minutes said.
The $1.8 billion pension fund conducted an invitation-only search following the board's Jan. 17 decision to make its core fixed-income allocation all actively managed.
Funding comes from the termination of Northern Trust's passive core fixed-income portfolio and Western Asset Management's active short-duration fixed-income portfolio, which had respective assets of $151 million and $38 million as of March 31, according to past board meeting materials.
Income Research & Management was the other finalist.
As of March 31, the actual allocations to core fixed income and non-core fixed income were 21.1% and 4.8%, respectively; the respective targets are 20% and 5%.
Investment consultant Meketa Investment Group assisted.
A district spokeswoman could not immediately provide further information.
