Three Naples, Fla., pension funds hired Garcia Hamilton & Associates to run a total of about $15 million in active domestic short-term fixed-income portfolios.
The pension funds' boards approved the hiring in a joint meeting Dec. 16, said Liz Willis, the city's pension accountant.
Investment consultant Graystone Consulting conducted a shortlist search for a short-term fixed-income manager. Funding comes from reducing the portfolios of active domestic core fixed-income manager Loomis Sayles & Co. by half, according to the minutes.
Loomis Sayles was the pension funds' sole fixed-income manager, running a total of about $10 million each for the $61 million Naples Firefighters' Retirement System, $61 million Naples General Employees' Retirement System and $58 million Naples Police Officers' Retirement System.
Ms. Willis could not provide the reason for Graystone's recommendation.