Oakland (Calif.) Police and Fire Retirement System is searching for an active core fixed-income manager to run up to $30 million.
The $408 million pension fund is seeking one core fixed-income manager to run between $25 million and $30 million, although that amount could vary, according to an RFP posted on the website of Meketa Investment Group, the pension fund's investment consultant.
According to prior meeting minutes, the board approved the search at its Oct. 30 meeting following Meketa's review of the pension fund's fixed-income structure.
The board 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 yet available.
As of Dec. 31, the actual allocation to fixed income was 26.3%; the target is 33%.
The RFP is available on Meketa's website. Proposals are due at 5 p.m. PDT on March 24. A timeline for a decision was not provided.
Teir Jenkins, investment officer, could not be immediately reached to provide further information.