Watertown (Mass.) Contributory Retirement System hired BlackRock to run about $11 million in an unconstrained fixed-income portfolio.
The $240 million pension fund's board approved the hiring at its Feb. 16 meeting, said Barbara A. Sheehan, director of the pension fund, in an email.
The pension fund issued an RFP in October to complement existing fixed-income managers, Ms. Sheehan said at the time. The other finalist was Pacific Investment Management Co.
Funding comes from the termination of asset allocation portfolios managed by PineBridge Investments and Wellington Management, Ms. Sheehan said. She said performance was not a concern with either manager. According to the pension fund's most recent investment report, the two managers split about $11 million in assets as of Dec. 31.
As of Dec. 31, the actual allocation to fixed income was 19.2%; the target is 23.5%.
Investment consultant Fiducient Advisors assisted.
