Check Out The Ongoing And Potential Searches For High-Yield, CDO And Distressed Debt Managers

  • 03 Nov 2006
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The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Kristen Haunss at (212) 224-3990, or fax (212) 224-3602.

New Searches
Fund InfoSizeFund TypeAssignmentSizeConsultantComments/Firm Hired
City of Winter Springs Employee Pension Plan, Winter Springs, FL, U.S.USD0Public D.B.US / Active Fixed-Income / CoreUSD4Bogdahn Consulting, Winter Haven, FL, U.S.RFP is available by contacting ( Proposal deadline has not been established.
San Bernardino County (Calif.) Employees Retirement Association, San Bernardino, CA, U.S.USD5,100Public D.B.US / Alternative / Distressed DebtUSD45New England Pension Consultants, Redwood City, CA, U.S.Will issue an RFP in first half 2007.
New Orleans Employees' USD400Public D.B.US / Active Fixed-IncomeN/AMorgan Stanley Will start searching for fixed-income managers within next three 
Retirement System, Investment Consulting, months. Considering bank loans, credit-card portfolios and auto-
New Orleans, LA, U.S.financing portfolios
Middlesex County RetirementUSD640Public D.B.Emerging Markets / USD13Wainwright Investment RFP is available at ( 
SystemAlternative / Distressed DebtCounsel, Boston, MA, U.S.Proposals are due Nov. 1.
Middlesex County Retirement USD640Public D.B.International / USD13Wainwright Investment RFP is available at ( 
SystemActive Fixed-IncomeCounsel, Boston, MA, U.S.Proposals are due Nov. 3.
New Jersey Division of Investment USD79,400Public D.B.US / Active Fixed-USD2,382Strategic Investment Will hire high-yield firms to oversee a 3% first foray this 
Income / High YieldSolutions, San Francisco, fiscal year.
CA, U.S.
Santa Barbara County Employees USD1,600Public D.B.US / Active Fixed-Pension Consulting Alliance,Seeking an aggressive core-plus manager.
Retirement SystemIncome / Core-PlusEncino, CA, U.S.
Ohio Police & Fire Pension Fund USD10,043Public D.B.US / Active Fixed-Income /USD200None Placed MacKay Shields on watch due to personnel changes.
System (CalSTRS), Income / High YieldEncino, CA, U.S.
Louisiana Municipal Police USD1,300Public D.B.US / Active Fixed-Income / N/ASummit Strategies Group, RFP has been approved by the board, but a timeframe for issuance 
Employees Retirement SystemAbsolute ReturnSt. Louis, MO, U.S.hasn't been decided.
Los Angeles County Employees' USD33,000Public D.B.US / Active N/ARussell Investment Group, Will launch search this year. Incumbents LM Capital, Loomis
Retirement Association (LACERA)Fixed-Income / CoreTacoma, WA, U.S.Sayles, PIMCO Advisors and Western Asset Management are not 
facing replacement.
Potential Searches
Detroit Police & Fire Retirement System, Detroit, MI, U.S.USD4,000Public D.B.US / Active Fixed-IncomeNorth Point Advisors, San Francisco, CA, U.S.Consultant will review the fixed-income portfolio next year and recommend investing in higher-yielding asset classes, such as emerging market debt, cash overlay, or fixed income portable alpha. 
Illinois State Teachers Retirement System, Springfield, IL, U.S.USD36,500Public D.B.US / Active Fixed-Income / Core-PlusUSD659R.V. Kuhns & Associates, Portland, OR, U.S.Payden & Rygel was placed on watch due to poor performance. No timeframe for monitoring the firm.
Illinois State Teachers Retirement System, Springfield, IL, U.S.USD36,500Public D.B.US / Active Fixed-Income / Core-PlusUSD1,300R.V. Kuhns & Associates, Portland, OR, U.S.BlackRock was removed from the watch list following the completion of its merger with Merrill Lynch.
Delray Beach Police & Fire USD110Public D.B.US / Passive Fixed-Income / N/ABogdahn Consulting, Board will consider foray into inflation-protection securities at 
Retirement PlanInflation-Linked BondsWinter Haven, FL, U.S.Nov. 21 meeting.
Kent County Employees USD500Public D.B.US / Active Fixed-IncomeUSD200Asset Consulting Group, Consultant will review fixed-income portfolio. 
Retirement SystemSt. Louis, MO, U.S.
Omaha Police & Firefighters USD414Public D.B.US / Active Fixed-Income /USD48DeMarche Associates, Will likely commit 10% into TIPS. Interested managers should 
Retirement FundsInflation-Linked BondsOverland Park, KS, consultant.
North Dakota State Investment USD4,950Public D.B.US / Active USD675NoneOn Oct. 20 was expected to review the USD1.35B insurance trust's 
BoardFixed-Incomecore fixed-income allocation, worth 49%, to check if it is 
underweight certain sectors and if there are ways to enhance  
returns. Could lead to searches.
North Dakota State Investment Board, USD4,950Public D.B.US / Active USD270NoneWill review the 20% TIPS allocation in its USD1.35B insurance 
Fixed-Income / trust to determine whether the fund should include other 
Inflation-Linked Bondsinflation-hedging asset classes.
New Hampshire Retirement USD4,700Public D.B.US / Active Fixed-IncomeN/AEnnis Knupp + Associates, Will increase its bond exposure to better match liabilities. Decision 
SystemChicago, IL, U.S.follows an asset study. Hasn't decided on strategy or mandate size.
New Jersey Division of InvestmentUSD79,400Public D.B.US / Active USD2,382Strategic Investment Could hire high-yield firms to oversee a 3% first foray. 
Fixed-Income / High YieldSolutions, San Francisco, 
CA, U.S.
Ohio Bureau of Workers  USD14,000Public D.B.Global / Active USD700Wilshire Associates, Intends to seek high-yield managers in November.
CompensationFixed-Income / High YieldPittsburgh, PA, U.S.
College of WoosterUSD250EndowmentUS / Active Fixed-IncomeN/ANone, UnknownHas no domestic fixed-income exposure and is reviewing whether 
to get back in. Wants to see rates come down, credit spreads widen 
and returns improve. 
Oklahoma Teachers Retirement  USD7700Public D.B.US / Active Fixed-Income USD320Gregory W Group, Tulsa, OKNeuberger Berman was placed on watch for personnel issues.
Alaska State Pension Investment USD12,300Public D.B.US / Active Fixed-Income / USD200Callan Associates, MacKay Shields was placed on watch due to organizational 
BoardHigh YieldSan Francisco, CA, U.S.changes. No timeframe for monitoring the firm.
Bristol County Retirement SystemUSD276Public D.B.Global / Active Fixed-Income N/ACRA RogersCasey, Board will select a manager next month to handle a tactical 
/Tactical Asset AllocationWaltham, MA, U.S.fixed-income mandate. The finalists are PIMCO, Loomis Sayles 
and Seix Advisors. Mandate size could not be confirmed.
New Orleans Employees' Retirement USD390Public D.B.US / Active Fixed-Income USD20Morgan Stanley Investment Fund will likely search for at least one non-core fixed-income 
SystemConsulting, New Orleans, manager in 2006.
LA, U.S.
Cooper IndustriesUSD600Corporate D.B.US/ Active Fixed-Income/ N/ANone May consider increasing its exposure to portable alpha fixed-income 
Portable Alphastrategies. Is looking for new strategies but hasn't found anything 
satisfactory, so at the moment any increases would be with 
incumbent Westridge.
Missouri Local Government USD2,800Public D.B.International/ Active N/ANone Considering investing in international fixed-income. 
Employees Retirement SystemFixed-IncomeNo timeframe for decision on whether to search.
Illinois State Teachers USD34000Public D.B.US/Alternative/ USD204Callan Associates Plan is to build up its distressed debt allocation. No timeframe 
Retirement SystemDistressed DebtChicago, ILfor decision on whether to search for a new manager or give 
assets to an incumbent.
Oakland County (Mich.) Employees USD1,000Public D.B.US/Active Fixed-Income/N/APortfolio AnalyticsIntends to review its fixed-income portfolio. High yield is 
Retirement SystemHigh Yielda possibility.
Georgia Firefighters' Pension FundUSD530Public D.B.US/ Active Fixed-USD53Consulting Services If a potential bill to permit more investment flexibility is passed, 
Income/ High YieldGroup LLC, Memphis, TNfund would invest 10% in high yield. Fund expects investment 
freedom to still be a couple of years off, however.
Georgia Peace Officers Annuity & USD360Public D.B.US/ Active Fixed-USD12Southeastern Advisory, If a potential bill is passed to relax investment restrictions, it 
Benefit FundIncome/ High YieldAtlanta, GAwould invest 10% of its assets in high yield, private equity and 
real estate to increase returns.
Seattle City Employees' Retirement USD1,700Public D.B.US/ Active Fixed-USD15NoneFund is talking to firms that offer structured credit strategies, such as 
SystemIncome/ CDOCDOs and CLOs. No timeframe for decision on whether to search.
Vermont State Employees USD1,000Public D.B.US/ Active Fixed-IncomeN/ANew England Pension Being educated on active fixed-income vs. passive fixed-income.
Retirement SystemConsultants, Cambridge, MA
San Jose Police & Fire USD1,600Public D.B.Global / Active USD115Mercer Investment Credit Suisse Asset Management is on watch for poor performance.
Retirement PlanFixed-IncomeConsulting, Seattle, WA
Updated Searches
Arlington (Mass.) Contributory USD126Public D.B.US / Active Fixed-Income / USD6Wilshire Associates, Interviewing three unspecified managers. No timeframe for a 
Retirement SystemHigh YieldPittsburgh, PAfinal selection.
Louisiana Municipal Police  USD1300Public D.B.US / Active Fixed-Income / USD100Summit Strategies Group, Selected BlackRock, Brandywine Asset Management, Putnam .
Employees Retirement SystemAbsolute ReturnSt. Louis, MOInvestments, UBS Global Asset Management and Western Asset 
Management as finalists. Was expected to select a firm at its May 17 
board meeting
Idaho Endowment Fund USD870EndowmentUS/ Alternative/ CDOUSD5RBC Dain Rauscher, Will search for maiden CDO manager once review is done.
Investment BoardMinneapolis, MN
Ohio Police & Fire Pension FundUSD9,000Public D.B.US/Active Fixed-Income/USD177Wilshire AssociatesShenkman Capital was terminated due to poor performance. 
High YieldAssets will be used to fund new manager.
IAM National Pension FundUSD5,200Union/Multi-US/Active Fixed-Income/USD150Hamilton Lane AdvisorsColumbia Management Group was terminated due to 
employer D.B.High-Yieldorganizational changes. No timeframe for decision 
on whether to conduct a replacement search.
National Electrical Benefit FundUSD10,200Union/Multi-US/Active Fixed-Income/USD160Marco Consulting GroupColumbia Management Group was terminated due to 
employer D.B.High-Yieldorganizational changes. No timeframe for decision 
on whether to conduct a replacement search.
Completed Searches
California State Teachers USD146,000Public D.B.US / Active Fixed-N/AUnknownBlackRock
Retirement System Income / High-Yield
(CalSTRS), Sacramento, CA, U.S.
California State Teachers USD146,000Public D.B.US / Active Fixed-N/AUnknownGoldman Sachs Asset Management
Retirement System Income / High-Yield
(CalSTRS), Sacramento, CA, U.S.Allegheny County (Pa.) Retirement Board, USD700Public D.B.US / Active Fixed-Income / USD35Yanni Partners Inc, Federated Investors
Pittsburgh, PA, U.S.CorePittsburgh, PA, U.S.
Kent County Employees Retirement USD500Public D.B.US / Active Fixed-Income / USD30Asset Consulting Group, INTECH
System, Grand Rapids, MI, U.S.Enhanced IndexSt. Louis, MO, U.S.
North Dakota State Investment Board, USD4,950Public D.B.US / Active Fixed-Income / USD50NoneHyperion Brookfield Asset Management
Bismarck, ND, U.S.Mortgage-Backed Securities
Los Angeles County Employees' USD33,000Public D.B.US / Active USD500Russell Investment Group, Goldman Sachs Asset Management 
Retirement Association (LACERA), Fixed-Income / CoreTacoma, WA, U.S.
Los Angeles County Employees' USD33,000Public D.B.US / Active USD500Russell Investment Group, Principal Global Investors
Retirement Association (LACERA), Fixed-Income / CoreTacoma, WA, U.S.
North Dakota State Investment USD4,950Public D.B.US / Active USD70None, UnknownCalamos Investments
BoardFixed-Income / 
Enhanced Index
New Jersey Division of USD79,400Public D.B.Asia / Alternative / USD50Strategic Investment Avenue Capital Partners
InvestmentDistressed DebtSolutions, San Francisco, 
CA, U.S.
Alaska Permanent Fund USD33,000Permanent US / Active Fixed-Income / USD100Callan Associates, Goldman Sachs Asset Management
CorporationFundHigh-YieldFlorham Park, NJ, U.S.
Alaska Permanent Fund  USD33,000Permanent US / Active Fixed-Income / USD100Callan Associates, Capital Guardian Trust Company
CorporationFundHigh-YieldFlorham Park, NJ, U.S.
Tacoma Employees Retirement USD744Public D.B.US / Active Fixed-Income / USD20Wilshire Associates, Post Advisory Group
SystemHigh-YieldSanta Monica, CA, U.S.
Teachers' Retirement System of USD12,700Public D.B.US / Active Fixed-Income / N/AUnknown, UnknownEmail Meliissa Ventress ( for copy of the 
LouisianaInvestment GradeRFP. Proposals are due June 19.
Houston Municipal Employees USD2000Public D.B.US / Alternative / USD10Wilshire Associates, Highland Capital Management
Pension SystemDistressed DebtSanta Monica, CA
Pennsylvania State Employees USD29000Public D.B.Emerging Markets / USD210Rocaton Investment Advisors, Ashmore Investment Management
Retirement SystemAlternative / Norwalk, CT
Distressed Debt
  • 03 Nov 2006

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%