Fixed-Income
The hire concludes the pension plan’s search for a core-plus fixed-income manager to handle between $130 million and $150 million.
The pension plan recently committed $275 million total to two funds and terminated existing convertibles and real estate debt strategies.
The plan has named three firms for further due diligence and on-site visits in its search.
The Santa Monica, Calif.-based outsourced cio firm is overweight on asset classes that capitalize on a strong U.S. economy buoyed by strong economic and consumer activity.
The plan is looking to increase its core exposure in light of rising interest rates.
The plan is monitoring the firm due to senior fixed-income leadership transition.
The university approved adding a new manager to its endowment to handle a high-yield bond mandate through partial redemptions of two domestic large-cap equity managers.
The search is to potentially replace an incumbent manager due to performance concerns.
The plan is required to go out to bid every seven years.
The searches follow establishment of new sub-asset class targets of 11% to broad fixed-income and 3% to high-yield within its overall fixed-income target earlier this year.
