High-Yield
The hire follows the creation of a 7.5% target to the asset class earlier this year.
The pension fund has issued a pair of passive core and high-yield fixed-income manager RFPs.
The six firms will handle aggregate assets of $1 billion.
The pension fund’s outsourced cio disclosed a pair of manager removals in the first quarter.
The plan is also expected to hire high-yield and investment grade bond managers later this year.
The plan also terminated a high-yield fixed-income manager in the first quarter.
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 state trust fund is considering a recommendation from its consultant to diversify its public credit portfolio in one of its funds.
The plan is seeking two to four managers to evenly split an approximately $1 billion allocation.
Nonprofit investors and allocators are tempering expectations for their portfolios in 2026 as they prepare for more moderate returns resulting from increased volatility and heightened valuations along with persistent macroeconomic and geopolitical uncertainties.
