New Hampshire Retirement System, Concord, hired Mellon Investments to manage $160 million in a passive domestic core fixed-income portfolio.
The $10.3 billion pension fund's independent investment committee approved the hiring at its Jan. 10 meeting, spokesman Marty Karlon said in an email.
It is a new investment vehicle for the pension fund to be used for rebalancing purposes, Mr. Karlon said. Funding comes from reductions in domestic equities, and no managers are being terminated, he said.
As of Sept. 30, the pension fund's actual allocation to fixed income was 19.2%; the target is 25%.
Investment consultant Callan assisted.
