Macomb County Employees' Retirement System, Mount Clemens, Mich., hired National Investment Services to manage $20 million in an active domestic intermediate-term fixed-income portfolio.
The $1.3 billion pension fund's board approved the hiring at its Sept. 7 meeting, recently released meeting minutes show.
At the board's previous meeting on Aug. 24, investment consultant AndCo Consulting had recommended adding NIS as an intermediate-term fixed-income manager and funding the new portfolio with reductions of $10 million each from existing managers Baird Advisors and Comerica. The types of portfolios managed by the firms was not provided in the Aug. 24 meeting minutes.
AndCo Consulting assisted.
Stephanie Dobson, retirement administrator, could not be immediately reached for further information.