Trenton (Mich.) Fire and Police Pension Fund hired Fidelity Investments to run $20 million in passive domestic large-cap equities.
The $49 million pension fund's board voted at its Nov. 18 to hire Fidelity to replace Vanguard Group as its passive manager to save on costs, recently released meeting minutes show.
Also at the meeting, the board voted to terminate Franklin Templeton from its $2 million active global fixed income portfolio and move the assets to an existing active domestic core-plus fixed-income portfolio managed by Loomis Sayles & Co., giving that portfolio a total of $12 million. The reason for the termination was not provided.
As of Sept. 30, the actual allocations to domestic equities and domestic fixed income were 53.6% and 20.5%, respectively.
Investment consultant AndCo Consulting assisted.
Karen Sall, plan secretary, could not be immediately reached for further information.
