Pembroke Pines (Fla.) Firefighters & Police Officers Pension Fund hired Income Research & Management to run a $50 million active government/credit fixed-income portfolio.
The $650 million pension fund hired IR&M to run a liquidity portfolio as the first part of a restructuring of its fixed-income portfolio, said Gregory A. McNellie, vice chairman and principal at Dahab Associates, the pension fund's investment consultant.
The pension fund issued an RFP in May due to personnel changes at Inverness Counsel, which managed $95 million in active domestic core fixed income at the time. Funding for IR&M's portfolio will come from a reduction in Inverness Counsel's portfolio.
For the remaining $45 million in the portfolio, the next phase of the process will be to review Inverness along with other bidders for the RFP, Mr. McNellie said. Dahab Associates is assisting with the search.
James Fisher, plan administrator, referred questions to Mr. McNellie.