High-Yield
The plan is seeking separate account managers that can offer exposure to multiple credit asset classes.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.
The search will be opened to high-yield corporate debt, leveraged loans, securitized credit and convertible bond strategies.
The search follows a new asset allocation that includes maiden targets to corporate credit and bank loans.
The retirement system also disclosed a high-yield bond manager hire to complete a search launched last year.
The RFPs are a result of a new asset allocation approved in May.
The authority also hired a total of six new managers within its global equity and fixed-income portfolios as part of an asset allocation policy approved in February.
The plan approved adding a dedicated high-yield component earlier this year.
The plan will also receive an update in its ongoing domestic small-cap core equity and global fixed-income manager searches next week.
The plan launched two manager searches after approving a new asset allocation last month.
