Check out the ongoing and potential searches for high-yield, CDO and distressed debt managers.

  • 21 Apr 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
AssetMandate
Fund InfoSizeFund TypeAssignmentSizeConsultantComments/Firm Hired
Middlesex County Retirement System, USD640Public D.B.US / Active Fixed-Income/ USD32Wainwright Investment RFPs are available at
(http://www.winvcounsel.com/rfp.
High-YieldCounsel, Boston, MAhtml) and are 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.(rguillette@segaladvisors.com).
Proposals were due March 23.
California State Teachers USD133,000Public D.B.US / Active Fixed-N/APension Consulting Alliance, RFP is available at
(http://www.calstrs.com/about%
20Calstrs/
Retirement System (CalSTRS), Income / Core-PlusEncino, CA, U.S.contract%20opportunities/rfp/
2p200509.aspx) 
and was due April 12.
California State Teachers USD133,000Public D.B.US / Active Fixed-USD5,000Pension Consulting  RFP is available at
(http://www.calstrs.com/about%20
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
(http://www.wilshire.com/
BusinessUnits/
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.
Newton (Mass.) Retirement USD240Public D.B.Global / USD25Segal Advisors, RFPs are available by contacting
Brian Keenan at 
SystemActive Fixed-IncomeBoston, MA, U.S.(bkeenan@segaladvisors.com).
Proposals were due Jan. 30. 
Selections should be made during 2Q.
Waltham Contributory Retirement USD140Public D.B.US / Active Fixed-Income / USD8Wainwright Investment Finalists selected: BlackRock,
Eaton Vance, Caywood Scholl, and 
SystemHigh-YieldCounsel, Boston, MA, U.S.Goldman Sachs Asset Management.
Selection expected soon.
Fall River (Mass.) Contributory USD216Public D.B.US / Active Fixed-USD10Meketa Investment Group, Searching for a high-yield
bond manager. RFPs are available at
Retirement System,Income /High-YieldBraintree, MA, U.S.(http://www.meketagroup.com/
mgrCenter.php). 
Proposals were due Jan. 12, 2006.
Watertown (Mass.) Contributory USD70Public D.B.US / Active Fixed-USD4Wainwright Investment Searching for an active high-yield
bond manager. RFPs are 
Retirement System Income /High-YieldCounsel, Boston, MA, U.S.available at
(http://www.winvcounsel.com).
Responses were due Jan. 17, 2006.
Danville (Va.) Regional Foundation, USD200FoundationUS/ Active Fixed-IncomeUSD40Barry Bryant, Dahab Searching for a bond manager.
RFP available at 
Associates, Bay Shore, NY(http://www.dahab.com).
Proposals were due Nov. 7 with final 
presentations scheduled for February.
Indiana State Police Pension FundUSD300Public D.B.US/ Active Fixed-USD18N/AThe fund is seeking a high-yield or
hybrid fixed-income manager 
Income/ High-Yieldto increase returns. An RFP, was
realeased and was due Oct. 21.
Hampshire County Retirement System USD138Public D.B.Global/ Active USD8Amanda Martin New Searching for a global fixed-income
manager. RFPs are available 
Fixed-IncomeEngland Pension Consultants at (http://www.mass.gov/perac/rfp/
hampshirecounty0905.pdf).
Cambridge, MAProposals were due Sept. 23.
Idaho Endowment Fund USD837.5EndowmentUS/Active Fixed-USD5RBC Dain RauscherSearching for a collateralized debt manager to 
Investment BoardIncome/CDOhandle $5 million maiden allocation.
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.
System 
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.
California State Teachers USD126,000Public D.B.US/ Active Fixed-IncomeN/AAltura Capital, Deferred a decision on portfolio changes until a Dec. 7 investment 
Retirement System (CalSTRS)New York, NYcommittee meeting. Possible shift could result in managers hires.
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
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.


  • 21 Apr 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%