Frederick County (Md.) Employees Retirement Plan hired Baird Asset Management to run about $94 million in active domestic core fixed income.
The $897 million pension fund's board approved the hiring at its Sept. 12 meeting, recently released meeting minutes show.
Funding comes from the termination of an active domestic core-plus fixed-income portfolio managed by Pacific Investment Management Co., according to the minutes.
The pension fund began a search for a replacement in June. According to June 13 board meeting minutes, investment consultant Marquette Associates recommended moving the allocation to core from core plus to gain more interest-rate exposure since rates have risen so dramatically in the past two years.
Federated Hermes was the other finalist.
As of June 30, the pension fund's actual allocation to domestic fixed income was 33.3%; the target is 34%.
Investment consultant Marquette Associates assisted.
