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

  • 26 May 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
San Joaquin County Employees USD1900Public D.B.US / Active Fixed-Income /USD130Strategic Investment Will issue an RFI this week. Interested parties should contact 
Retirement SystemAbsolute ReturnSolutions, San Francisco, CAconsultant. Responses were due May 28.
Sunrise Firefighters Retirement FundUSD55Public D.B.US / Active Fixed-Income USD10Dahab Associates, RFPs are available at (
Dedham, MA20FF-FI-05_22_06-RFP.doc). Proposals were due May 22 with final 
presentations in June.
Kentucky Retirement SystemsUSD14,200Public D.B.US / Active Fixed-USD3,050UnknownRFI is available at (
Income / CoreResponses were due May 22.
Middlesex County Retirement System USD640Public D.B.US / Active Fixed-Income/ USD32Wainwright Investment RFPs are available at (
High-YieldCounsel, Boston, MAand were due April 17.
Attleboro Municipal Contribution USD50Public D.B.US / Active Fixed-USD22Segal Advisors, Boston, RFP is available by emailing Rosemary Guillette 
Retirement System, Income / Core-PlusMA, U.S.( Proposals were due March 23.
California State Teachers USD133,000Public D.B.US / Active Fixed-N/APension Consulting Alliance, RFP is available at (
Retirement System (CalSTRS), Income / Core-PlusEncino, CA, U.S.contract%20opportunities/rfp/
and was due April 12.
California State Teachers USD133,000Public D.B.US / Active Fixed-USD5,000Pension Consulting  RFP is available at (
Retirement Income High-YieldAlliance,Calstrs/contract%20opportunities/rfp/
2p200509.aspx) and was 
due April 12.
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.
Arlington (Mass.) Contributory USD126Public D.B.US / Active Fixed-Income / USD6Wilshire Associates, .RFPs are available at (
Retirement SystemHigh-YieldPittsburgh, PA, U.SConsulting/Research/
ManagerSearch.html). Proposals were due 
Feb. 14 with final presentations scheduled for March 30.
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
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 building 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. 
Retirement SystemHigh-YieldHigh-yield is a 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, 
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 Retirement USD1,000Public D.B.US/ Active Fixed-IncomeN/ANew England Pension Being educated on active fixed-income vs. passive fixed-income.
SystemConsultants, Cambridge, MA
San Jose Police & Fire Retirement USD1,600Public D.B.Global / Active USD115Mercer Investment Credit Suisse Asset Management is on watch for poor performance.
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. 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
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
  • 26 May 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 119,693.92 344 12.91%
2 Bank of America Merrill Lynch 99,935.46 287 10.78%
3 Wells Fargo Securities 88,155.55 263 9.51%
4 JPMorgan 69,113.88 208 7.46%
5 Credit Suisse 51,260.05 154 5.53%