Howard County Retirement Plans, Ellicott City, Md., hired State Street Global Advisors to manage a total of about $141 million in two passive fixed-income portfolios.
The joint committee for the Howard County Retirement Plan and the Howard County Police and Fire Employees' Retirement Plan approved the hiring at its April 19 meeting, recently released meeting minutes showed.
SSGA will manage about $73 million in a U.S. Aggregate Bond Non-Lendable index fund, the funding of which will come from rebalancing, and about $68 million in a U.S. Treasury Non-Lendable index fund, according to a presentation included with meeting materials.
Funding for the latter will come from the termination of a similar portfolio managed by Pacific Investment Management Co. According to the presentation, fees will be significantly reduced for the SSGA fund when compared with the PIMCO fund.
As pf April 30, the actual allocation to fixed income was 24.6%; the target is 23%. The two pension funds have a combined $1.4 billion in assets.
Investment consultant NEPC assisted.
Anju Bennett, the county's human resources administrator and member of the board, could not be immediately reached for further information.