Illinois Firefighters' Pension Investment Fund, Lombard, hired Brown Brothers Harriman and Garcia Hamilton & Associates to manage about $800 million each in active domestic fixed-income portfolios.
The $6.7 billion investment fund's board approved the hirings at its Dec. 16 meeting, said William Atwood, executive director and chief investment officer, in an email.
Brown Brothers Harriman will manage a core-plus portfolio and Garcia Hamilton, a core portfolio, Mr. Atwood said. The investment fund has target allocations of 12% each to core and core-plus fixed income.
Funding will come from passive portfolios managed by State Street Global Advisors since the inception of the consolidated pension fund in 2021.
The fund issued an RFP for its first active managers in July following the completion of the transition of the assets of 296 separate Illinois municipal firefighters' pension funds effective June 30.
The investment fund also has a target allocation of 3% to short-term Treasuries, which will continue to be managed passively by SSGA.
Investment consultant Marquette Associates assisted.