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Torrington trustees approve removing Brandywine global bond strategy from pension investment policy
Summary
Trustees for Torrington’s police and fire and city employees’ pension funds voted June 17 to eliminate a Brandywine global bond allocation and reallocate that capital within fixed income after advisers recommended the change.
Trustees for Torrington’s Police and Firemen’s Pension Fund and the City Employees’ Retirement Fund voted June 17 to remove the Brandywine global bond strategy from the funds’ investment programs and repurpose the allocation within fixed income. The recommendation came from the funds’ investment adviser during a quarterly review of the investment policy statements.
Adviser presentation and recommendation
An investment adviser for the funds summarized first-quarter market performance and said both plans’ investment policy statements are in “good working order” but recommended a single portfolio change: eliminate the Brandywine global bond strategy and redeploy that capital elsewhere in fixed income. The adviser said research suggested Brandywine’s strategy—which has…
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