Kansas City (Mo.) Firefighters' Pension System hired Commerce Trust Co. to run about $58 million in active domestic core fixed income.
The $554 million pension fund hired the manager as part of a restructuring of its fixed-income allocation, which will remain at 30%, said Barbara Davis, executive director, in an email.
Funding will come from the termination of Northern Trust Asset Management from its $16 million passive domestic core fixed-income portfolio, as well as reductions from other managers. The specifics of those reductions have yet to be determined.
Investment consultant RVK assisted.