University of Maine System, Bangor, hired Baird Advisors to manage $7 million in an active domestic core fixed-income portfolio for the university's $26 million pension fund.
The university's investment committee approved the hiring at its March 4 meeting as a result of investment consultant NEPC's recommendation to move the fixed-income portfolio to active management, confirmed Tracy Elliott, the university's director of finance and controller.
Funding came from terminating Vanguard Group, which ran a passive core fixed-income portfolio.
The pension fund's actual allocation to fixed income as of Dec. 31 was 41.3%; the target is 43%.
