West Palm Beach (Fla.) Police Pension Fund hired Lazard Asset Management and PGIM Fixed Income to run $10 million each in active emerging markets debt.
The $451 million pension fund's board approved the hirings at its April 9 meeting, confirmed John McCann, senior consultant at AndCo Consulting, the pension fund's investment consultant.
Both managers run blended currency portfolios, Mr. McCann said.
Funding comes from a reduction in the portfolio of the pension fund's sole fixed income manager Garcia Hamilton & Associates, leaving it with about $67 million.
AndCo Consulting assisted.