Pembroke Pines (Fla.) Firefighters & Police Officers Pension Fund is searching for unconstrained fixed-income managers to run a total of up to $50 million.
The $800 million pension fund issued an RFP to determine whether unconstrained strategies would be advantageous to its overall fixed-income portfolio, said Kevin Condy, director of research at investment consultant Dahab Associates, which is assisting with the search.
While all unconstrained managers are invited to bid for the services, the pension fund will focus primarily on "interest rate anticipators," Mr. Condy said. If the pension fund hires any managers, funding would come from the existing fixed-income allocation, he said.
The current actual allocation is 21%, while the target allocation is 25%, Mr. Condy said.
The RFP is available on Dahab Associates' website. Proposals are due at 5 p.m. EST on Jan. 20. If a selection is made, it would likely be made in the second quarter, he said.