Jacksonville (Fla.) Police & Fire Pension Fund hired Dodge & Cox to run about $66 million in active domestic core plus fixed income.
The $2.4 billion pension fund's board approved the hiring at its May 19 meeting, said Timothy H. Johnson, executive director, in an email.
The pension fund conducted a search to replace Thompson, Siegel & Walmsley, which was terminated earlier this year from a similar portfolio due to changes in the firm's ownership structure, as well as losses in assets under management, Mr. Johnson said.
The other finalists were Baird Advisors and Income Research + Management.
As of March 31, the actual allocation to fixed income was 19.9%; the target is 19.5%.
Investment consultant RVK assisted.