Fixed-Income
The retirement system last conducted a similar search in 2019 due to regulatory requirements.
The new stable value fixed-income manager replaces the plan’s underperforming incumbent.
The retirement system made investments of $100 million each to “fixed-income replacement” and infrastructure funds this week.
The university is seeking fixed-income managers to handle separately managed mandates for three of its investment pools totaling approximately $284 million in assets.
The plan also terminated a high-yield fixed-income manager in the first quarter.
The pension plan hired a convertible bond manager to handle $35 million last month.
The trust fund’s general investment consultant recommended the expansion to diversify its public credit portfolio into other credit instruments from exclusively bank loans.
A county clerk’s office is seeking the services for its approximately $1.5 billion in short-term operating and reserve funds.
The retirement association selected a firm to split its 6% allocation to liquid credit at today’s board meeting.
The fund is removing a bond overlay as market monitor signals have moved to short from neutral and is also increasing two infrastructure commitments within its portfolio.
