Oakland (Calif.) Police and Fire Retirement System hired Wellington Management to run about $25 million in active domestic core fixed income.
The $401 million pension fund's board approved the resolution to hire the manager at its Sept. 30 meeting, recently released meeting minutes show.
The board originally approved the search in October 2019 following investment consultant Meketa Investment Group's review of the pension fund's fixed-income structure.
The board at the time had approved the recommendation to search for a core fixed-income manager to complement existing fixed-income managers Ramirez Asset Management, which runs a $75 million core portfolio, and Reams Asset Management, which runs a $25 million core-plus portfolio.
Specific funding source information was not immediately available.
As of Sept. 30, the overall allocation to fixed income was 26.9%; the target is 31%.
Meketa assisted with the search.
Teir Jenkins, investment officer, could not be immediately reached for further information.