Oakland (Calif.) Police & Fire Retirement System hired Wellington Management to run $15 million in a domestic defensive equity strategy.
The $464 million pension fund's board approved the hiring at its June 30 meeting, recently released meeting minutes show.
Funding comes from the termination of a similar portfolio managed by SPI Strategies in 2020 due to organizational changes. The assets have been temporarily parked in an iShares defensive equity ETF managed by BlackRock.
The pension fund had originally issued an RFP for a defensive equity manager in 2018 and returned to proposals received during that process to conduct a new shortlist search.
Atlanta Capital Management, Eagle Capital Management and The London Co. were the other finalists.
Investment consultant Meketa Investment Group assisted.
Teir Jenkins, investment officer, could not be reached immediately to provide further information.
