Taunton (Mass.) Contributory Retirement System rehired Manulife Investment Management to run a $17 million active domestic core-plus fixed-income portfolio and Barksdale Investment Management to run a $15 million active domestic core fixed-income portfolio, said Paul J. Slivinski, the pension fund's executive director, in an email.
The pension fund issued an RFP in April for core, core-plus and high-yield fixed-income managers to run a total of about $60 million.
The pension fund's incumbent fixed-income managers — core managers Barksdale Investment Management and C.S. McKee and core-plus manager Manulife Investment Management — were all invited to rebid during the RFP process.
C.S. McKee did rebid for the services, but the board decided two core managers was redundant. The board had previously hired Mesirow Financial to run $15 million in an active high-yield fixed-income portfolio.
There were no finalist presentations for core and core-plus managers.
As of June 30, the actual allocation to fixed income was 17.8%; the target is 20%.
Investment consultant Dahab Associates assisted.