The plan will commit up to $3.4 billion to the two asset classes.
Three firms will vie for the plan’s new high-yield fixed-income mandate.
Addition of emerging market fixed-income and high-yield bond strategies last month offers participants opportunities for additional yield.
The plan’s incumbent was first hired in 2016.
The plan hired all incumbents in its high-yield fixed-income and general investment consultant searches.
Plan’s decision to move all of its fixed-income assets in-house will reduce its annual fees.
Funding for the new investments will come from the plan’s existing high-yield mandate.
Plan’s passive investment exposure will now be with one manager.
The new semi-liquid multi-sector manager will handle a roughly $250 million mandate for the plan.
The search is open to core, core-plus and high-yield bond managers.
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