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

02 Mar 2007

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
San Bernardino County (Calif.) Employees USD5,700Public D.B.US / Alternative USD45New England Pension Consultant is conducting invitation-only search.
Retirement AssociationHedge Funds / Consultants, Cambridge, 
Distressed DebtMA, U.S.
United Technologies Corp., HartfordUSD16,000Corporate D.B.US / Active Fixed-USD800Ennis Knupp + Associates, Preparing to start a portable alpha liability-driven investment 
IncomeChicago, IL, U.S.strategy. Plans to invest in strategies that are more benign and 
less volatile than market neutral and GTAA to limit risk. No 
timeframe for hiring managers.
David and Lucile Packard FoundationUSD9,800FoundationUS / Active Fixed-USD0UnknownWill seek managers after hiring its first CIO. Timetable has 
Incomenot been set.
Illinois State Teachers Retirement USD36,500Public D.B.Global / Passive N/AR.V. Kuhns & Associates, Board approved search for a TIPS manager. Interested parties 
SystemFixed-Income /Portland, OR, U.S.should contact consultant.
Inflation-Linked Bonds
The Environment Agency GBP1,400Public D.B.UK / Active Fixed-GBP50NoneTo appoint manager who incorporates sustainable 
(Active Pension Fund)Income / Corporate environmentally responsible investment, for its U.K. non-gilt   
Bondsfixed interest portfolio. Deadline for tenders Feb 28.
Pennsylvania Public School Employees USD61,000Public D.B.Active Fixed-IncomeUSD15Wilshire AssociatesSeeking an emerging manager to handle fixed-income or equity 
Retirement Systemafter terminating an undisclosed mid-cap growth manager for 
poor performance.
Dallas Employees Retirement FundUSD2,100Public D.B.Active Fixed-IncomeUSD200Wilshire AssociatesReceived 12 responses to RFP. Timeframe for final secection 
could not be learned.
California Department of Personnel N/APublic D.B.US / Passive N/AUnknownRFP was supposed to be be issued at 
AdministrationFixed-Income on Dec. 15. Mandate 
size is undisclosed and proposals were due Jan. 22.
Chicopee Contributory Retirement USD128Public D.B.US / Active Fixed-USD33Segal Advisors, RFP is available by emailing Carol Tam at 
SystemIncome / Core-PlusBoston, MA, U.S.( Responses were due Jan. 9.
Dallas Employees USD2,100Public D.B.US / Active USD200Wilshire Associates, Received 12 responses to RFP. Timeframe for final selection 
Retirement FundFixed-IncomeSanta Monica, CA, U.S.could not be learned.
Louisiana State Employees Retirement USD8,000Public D.B.US / Active Fixed-USD250New England Pension Requests for RFPs can be made via email to Joel Paula at 
SystemIncome / High-YieldConsultants, Cambridge, ( Proposals were due Jan. 16.
MA, U.S.
Ohio Bureau of Workers USD14,000Public D.B.US / Active USD3,780Wilshire Associates, Will issue RFP in Feburary.  
CompensationFixed-Income / Santa Monica, CA, U.S.
Long Term
Ohio Bureau of Workers USD14,000Public D.B.Global / Active USD700Wilshire Associates, Will issue RFP in March 2007.
CompensationFixed-Income / Pittsburgh, PA, U.S.
San Francisco Employees' Retirement USD14,700Public D.B.Global / Active FixedUSD1,800Angeles Investment Advisors,Eliminating global bonds as an asset class and combining 
System#NAME?Santa Monica, CA, U.S.assets into core plus. Will issue RFP before week's end. 
Incumbents WAMCO, Fisher Francis and Bridgewater 
welcome to re-bid.
Idaho Endowment Fund Investment 837.5EndowmentUS/Alternative/CDO5RBC Dain RauscherSearching for a collateralized debt manager to handle 
BoardUSD5 million maiden allocation.
Potential Searches
Houston Police Officers' USD2,400Public D.B.Emerging Markets / N/AUnknownBoard approved proposal to rebalance underweight commitment 
Pension SystemActive Fixed-Income / to investment grade fixed income while maintaining tactical shift 
Investment Gradefrom high yield to emerging market debt. Plans to implement 
over 6-12 months.
Illinois State Teachers Retirement USD36,500Public D.B.US / Active Fixed-USD872R.V. Kuhns & Associates, Weiss, Peck & Greer was placed on the watch list due to 
SystemIncomePortland, OR, U.S.organizational reasons. No timeframe for monitoring firm.
Alaska Permanent Fund CorporationUSD38,000Permanent FundUS / Alternative /N/ACallan Associates, Staff will propose investing in a distressed opportunities fund-
 Distressed DebtSan Francisco, CA, U.S.of-funds. An increasing amount of money is being lent and on 
less onerous terms. no timeframe set for decision.
Massachusetts Housing Finance USD60Public D.B.US / Passive Fixed-N/AUnknownCould potentially invest in TIPS in the next six months.
Agency Retirement SystemIncome / Inflation-
Linked Bonds
Farmington Hills Retirement SystemUSD140Public D.B.Active Fixed-IncomeUSD40Merrill Lynch Consulting Fund is considering adding TIPs to its portfolio. Will likely 
Services Groupmanage internally if chosen. No timeframe for decision.
Illinois State Board of InvestmentUSD11,000Public D.B.Active Fixed-IncomeUSD120Marquette AssociatesPlans to search for manager in 2Q. Funding will come from 
reallocations among fixed-income managers
State Universities Retirement USD14,300Public D.B.Active Fixed-IncomeN/AEnnis Knupp + AssociatesWas expected to conduct annual review of its bond managers
System of Illinoisat Jan. 31 investment committee meeting. Changes unlikely
because fund is content with performance.
Utah State UniversityUSD85EndowmentGlobal / AlternativeUSD21UnknownSet a 25% allocation to alternatives. Can invest up to 10% in 
high-yield and distressed debt; another 10% in private capital, 
natural resources, commodities and private real estate; and 20% 
in absolute return and long/short hedge funds.
Philadelphia Public Employees' USD4,300Public D.B.US / Active Fixed-N/AFiduciary Investment Will consider adding a high-yield, fixed-income manager in 2007 
Retirement SystemIncome/High-YieldSolutions, Philadelphia, after asset study is complete. Mandate size is not yet known.
PA, U.S.
Grable FoundationUSD263FoundationUS/Active Fixed-USD27Hammond Associates, Will make a 10% allocation to TIPS and will discuss how to 
Income/Inflation-LinkedSt. Louis, MO, U.S.implement the strategy at its next meeting in late January. 
BondsCalls should be made to the consultant. 
School Employees Retirement USD9,970Public D.B.US/Active USD200Summit Strategies Group, Researched high return fixed-income strategies last year but 
System of OhioFixed-IncomeSt. Louis, MO, U.S.deferred moves due to current market environment. Will 
continue to explore alternative fixed-income strategies.
Oakland County (Mich.) Employees 1,000.00Public D.B.US/Active Fixed-N/APortfolio AnalyticsIntends to review its fixed-income portfolio. 
Retirement SystemIncome/High-YieldHigh yield is a possibility.
Kern County (Calif.) Employees 2,000.00Public D.B.US/Active Fixed-97Wilshire AssociatesW.R. Huff Asset Management was terminated for unspecified
Retirement AssociationIncome/High-Yieldreasons. Assets were given to incumbents Goldman Sachs 
Asset Management and Western Asset Management.
Updated Searches
North Dakota State Investment BoardUSD5,150Public D.B.US / Active Fixed-USD270NoneReviewed 20% TIPS allocation in its USD1.35B insurance trust 
Income / Inflation-to determine whether the fund should include other inflation-
Linked Bondshedging asset classes. Decided not to invest.
Illinois State Teachers Retirement USD36,500Public D.B.US / Active Fixed-USD666R.V. Kuhns & Associates, Terminated Payden & Rygel due to poor performance. Firm had 
SystemIncome / Core-PlusPortland, OR, U.S.been on the watch list since September of 2006. Proceeds from 
the termination will be transferred to the Lehman Enhanced 
Index Fund.
London Borough of Ealing Pension FundGBP500Public D.B.UK / Active Fixed-GBP125UnknownWill hire a firm by end of February.
Income / Corporate
London Borough of Ealing Pension FundGBP500Public D.B.UK / Active Fixed-GBP125UnknownWill hire a firm by end of February.
Income / Corporate 
Phoenix Employees USD1,600Public D.B.US / Active Fixed-USD150R.V. Kuhns & Associates, Credit Suisse, PanAgora Asset Management and State Street 
Retirement SystemIncome / Tactical Portland, OR, U.S.Global Advisors named as finalists for a real return strategy. 
Asset Allocation
Fairfax County (Va.) Uniformed 817Public D.B.US/Active Fixed-N/ANew England Pension Holding off on its high-yield search until market conditions 
Retirement SystemIncome/High-YieldConsultantsbecome more attractive.
Pennsylvania Public School Employees 50,000.00Public D.B.US/Active Fixed-500Wilshire AssociatesW.R. Huff Asset Management was terminated as a result of 
Retirement SystemIncome/High-Yieldreducing exposure to high-yield, fixed-income securities.
IAM National Pension Fund5,200.00Union/Multi-US/Active Fixed-150Meketa Investment GroupColumbia Management Group was terminated due to 
employer D.B.Income/High-Yieldorganizational changes. No timeframe for decision on whether 
to conduct a replacement search.
National Electrical Benefit Fund10,200.00Union/Multi-US/Active Fixed-160Marco Consulting GroupColumbia Management Group was terminated due to 
employer D.B.Income/High-Yieldorganizational changes. No timeframe for decision on 
whether to conduct a replacement search.
Florida State Board of Administration120,000.00Public D.B.US/Active Fixed-340Callan AssociatesW.R. Huff Asset Management has resigned from its portfolio 
Income/High-Yieldfor unspecified reasons. Assets reallocated to existing
mandates and current managers.
Massachusetts Pension Reserves 36,000.00Public D.B.US/Active Fixed-300Wilshire AssociatesPlan voted to terminate W.R. Huff Asset Management after 
Investment Management BoardIncome/High-Yieldthe firm reneged on a promise to return USD48,000 in fees. 
Assets will be divided amongst incumbents Loomis Sayles, 
Seix Investment Advisors and Shenkman Capital Management.
Michigan Municipal Employees USD5,100Public D.B.US / Active USD250UnknownClosed portfolio managed by TCW Group and redistributed 
Retirement System, Lansing, MIFixed-Income / assets among other asset classes and existing managers.
Completed Searches
Flintshire County Council Clwyd GBP850Public D.B.Global / Active Fixed-GBP105bfinance, London, , U.K.Stone Harbor Investment Partners
Pension FundIncome / FTSE
Houston Police Officers' Pension USD2,400Public D.B.Emerging Markets / N/AUnknownBarclays Global Investors
SystemPassive Fixed-Income
Illinois State Teachers Retirement USD36,500Public D.B.Global / Passive Fixed-USD25R.V. Kuhns & Associates, New Century Investment Management
SystemIncome / Inflation-Portland, OR, U.S.
Linked Bonds
South Carolina Retirement SystemUSD27,000Public D.B.Global / Active Fixed-IncomeUSD750New England Pension Consultants, Cambridge, MA, U.S.Mondrian Investment Partners
South Carolina Retirement SystemUSD27,000Public D.B.Global / Active Fixed-IncomeUSD750New England Pension Consultants, Cambridge, MA, U.S.Loomis, Sayles & Company L.P.
Falkirk Council Pension FundGBP900Public D.B.Global / Active GBP135bfinance, London, U.K.Baillie Gifford & Co.
Falkirk Council Pension FundGBP900Public D.B.Global / Active GBP135bfinance, London, U.K.Baillie Gifford & Co.
Port of London Authority Pension FundGBP284Public D.B.UK / Active GBP250Aon Consulting, AXA Investment Managers
Fixed-IncomeLondon, U.K.
Wisconsin State Investment BoardUSD83,000Public D.B.Emerging Markets /USD167Hamilton Lane AdvisorsAberdeen Asset Management no longer under review due to 
Alternative / improved performance. 
Distressed Debt
Creighton UniversityUSD265EndowmentUS / Active Fixed-USD12Fund Evaluation Group, Western Asset Management
Income / Bank LoansCincinnati, OH, U.S.
Orange County Employees USD6,400Public D.B.US / Active Fixed-USD250Callan Associates, Aberdeen Asset Management
Retirement SystemIncome / Core-PlusSan Francisco, CA, U.S.
Philadelphia FoundationUSD229FoundationUS / Active Fixed-USD1Colonial Consulting, Access Capital Strategies, LLC
Income / Mortgage-New York, NY, U.S.
Backed Securities
Plymouth County (Mass.) Retirement USD660Public D.B.US / Active Fixed-USD20Wainwright Investment Eaton Vance Management
SystemIncome/High-YieldCounsel, Boston, MA, U.S.
Pittsfield Contributory Retirement SystemUSD82Public D.B.US/Active Fixed-USD22UnknownFidelity Investment Management (H.K.)
Wayne County Employees Retirement USD1,200Public D.B.US/Active Fixed-USD15UBS Financial Services, JP Morgan Chase & Company
SystemIncome/CoreTroy, MI, U.S.
Wayne County Employees Retirement USD1,200Public D.B.US/Active Fixed-USD5UBS Financial Services, Ambassador Capital Management
SystemIncome/CoreTroy, MI, U.S.
Detroit Police & Fire Retirement System3,000.00Public D.B.US/Active Fixed-105North Point AdvisorsHSBC Halbis Partners
Fresno (Calif.) City Employees 1,600.00Public D.B.US/Active Fixed-32Wilshire AssociatesLoomis, Sayles & Company L.P.
Retirement SystemIncome/High-Yield
Houston Municipal Employees 1,400.00Public D.B.US/Active Fixed-30Wilshire AssociatesDDJ Capital Management 
Pension SystemIncome/High-Yield
St. Louis Public School 989Public D.B.US/Active Fixed-50New England Pension HSBC Halbis Partners
Retirement SystemIncome/High-YieldConsultants
Omaha School Employees 790Public D.B.US/Active Fixed-40Jeffrey Slocum HSBC Halbis Partners
Retirement SystemIncome/High-Yield& Associates
New York City Retirement Systems87,000.00Public D.B.US/Active Fixed-I200NoneMacKay-Shields llc
New York City Retirement Systems87,000.00Public D.B.US/Active Fixed-200NoneSeix Investment Advisors
Hartford Municipal Employees 1,300.00Public D.B.US/Active Fixed-25UnknownPIMCO Advisors
Retirement SystemIncome/High-Yield
Essex Regional Retirement System213Public D.B.US/Active Fixed-11Segal AdvisorsLoomis, Sayles & Company L.P.
Los Angeles County Employees' 26,000.00Public D.B.US/Active Fixed-50Russell Investment Penn Capital Management
Retirement Association (LACERA)Income/High-YieldGroup
Woodlawn CemeteryN/ANon-Profit US/Active Fixed-7UnknownPenn Capital Management
Massachusetts Pension Reserves 36,000.00Public D.B.US/Alternative/100New England Pension TCW Group
Investment Management BoardDistressed DebtConsultants
Luzerne County (Pa.) Employees 180Public D.B.US/Active Fixed-5Merrill Lynch Consulting Penn Capital Management
Retirement SystemIncome/High-YieldServices Group
Louisiana State Employees 6,400.00Public D.B.US/Active Fixed-260New England Pension Wells Capital Management
Retirement SystemIncome/High-YieldConsultants

02 Mar 2007

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