Hollywood (Fla.) Police Officers' Retirement System hired National Investment Services to run $3 million in its dynamic fixed-income strategy.
The $401 million pension fund's board approved the hiring at its Aug. 18 meeting, recently released meeting minutes show.
According to its website, National Investment Services' dynamic fixed-income strategy is "comprised of four independently managed components with low correlation that provide exposure across asset classes — core fixed income, high yield, absolute return and preferred stock."
As of June 30, the pension fund's actual allocation to domestic fixed income was 7.4%; its target is 18%.
Investment consultant AndCo Consulting assisted.
Brendon Vavrica, senior consultant with AndCo Consulting, could not be immediately reached for further information.
