High-Yield
The pension fund approved the searches at last week’s board meeting.
Searches for high-yield fixed-income managers and a general investment consultant were approved at today’s board meeting.
The fund will also review a high-yield fixed-income manager search request from staff at its June 13 board meeting.
The plan interviewed a total of five finalists at yesterday’s board meeting.
The retirement system will shift planned searches for bank loan and high-yield managers into a single search for multi-asset credit managers.
The pension plan will be looking to fill a new 4% target to the sub-asset class.
The plan’s existing high-yield fixed-income managers had been on watch for performance reasons.
The firm also hired two high-yield fixed-income managers to handle $450 million each.
The retirement system will also launch a search for private credit managers next year.
The hire concludes an RFP process that began in May.