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

  • 02 Dec 2005
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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
Asset Mandate
Fund Info Size Fund Type Assignment Size Consultant Comments/Firm Hired
Danville (Va.) Regional Foundation,  USD200 Foundation US/ Active Fixed-Income USD40 Barry Bryant, Dahab  Searching for a bond manager. RFP available at 
Associates, Bay Shore, NY ( Proposals due Nov. 7 with finals 
presentations scheduled for February.
Iowa Municipal Fire & Police  USD1,400 Public D.B. Global/ Active Fixed-Income USD50 Summit Strategies  Searching for a global tactical fixed-income manager. Interested 
Retirement System Group, St. Louis, MO managers should contact Dennis L. Jacobs at (515) 254-9200. 
Proposals due Nov. 30. Will make a selection in January.
New Mexico Educational  USD7,500 Public D.B. US/ Active Fixed-Income USD1,300 Wilshire Associates,  Issued an RFP for at least one fixed-income manager. RFP is available 
Retirement Board Santa Monica, CA at ( Proposals were due Nov. 10, with a 
selection expected at the Dec. 9 board meeting.
Plymouth County (Mass.)  USD520 Public D.B. US/ Active Fixed-Income/  USD20 Wainwright Investment  Searching for a high-yield bond manager. RFP is available at 
Retirement System High-Yield Counsel, Boston, MA (
rfp.html). Proposals were due Nov. 9.
Indiana State Police Pension Fund USD300 Public D.B. US/ Active Fixed- USD18 N/A The fund is seeking a high-yield or hybrid fixed-income manager 
Income/ High-Yield to increase returns. An RFP, which will be released next week, will 
be due Oct. 21.
Waltham Contributory Retirement  USD140 Public D.B. US/ Active Fixed-Income/ USD8 Sara Colorado, Wainwright  Searching for a high-yield bond manager. Email Sara Colorado at 
System High-Yield Investment Counsel,  ( for a copy of the RFP. Proposals
Boston, MA due Nov. 1, 2005. No timeframe for selection
Hampshire County Retirement System  USD138 Public D.B. Global/ Active  USD8 Amanda Martin New  Searching for a global fixed-income manager. RFPs are available 
Fixed-Income England Pension Consultants  at (
Cambridge, MA Proposals were due Sept. 23.
Woburn Retirement System USD85 Public D.B. US/Active Fixed-Income/ USD5 N/A Searching for a high-yield bond manager. Email Gus Aristizabal 
High-Yield at ( for copy of the RFP. 
Proposals were due Aug. 29.
Idaho Endowment Fund  USD837.5 Endowment US/Active Fixed- USD5 RBC Dain Rauscher Searching for a collateralized debt manager to 
Investment Board Income/CDO handle USD5 million maiden allocation.
Haverhill Retirement System USD145 Public D.B. US/Active Fixed-Income/ USD5 Wainwright Investment  Issued an RFP for a high-yield bond manager. RFPs are 
High-Yield Counsel available by contacting Jeff Locke at ( 
Proposals were due March 17, 2005.
Medford Retirement System USD125 Public D.B. US/Active Fixed-Income/ USD6 New England Pension  Searching for a high-yield bond manager. Email 
High-Yield Consultants ( for RFP. Proposals were due 
Jan. 21, 2005. Selection expected by 2Q 2005.
Marlborough Retirement System USD75 Public D.B. US/ Active Fixed- USD5 Ben Paradise, Meketa  Searching for a high-yield bond manager. RFPs are available at 
Income/ High-Yield Investment Group,  (
mgrCenter.php). Proposals are 
Braintree, MA due Oct. 28.
Potential Searches
Cooper Industries USD600 Corporate D.B. US/ Active Fixed-Income/  N/A None,  May consider increasing its exposure to portable alpha fixed-income 
Portable Alpha strategies. 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  USD2,800 Public D.B. International/ Active  N/A None,  Considering investing in international fixed-income. 
Employees Retirement System Fixed-Income No timeframe for decision on whether to search.
California State Teachers  USD126,000 Public D.B. US/ Active Fixed-Income N/A Altura Capital,  Deferred a decision on portfolio changes until a Dec. 7 investment 
Retirement System (CalSTRS) New York, NY committee meeting. Possible shift could result in managers hires.
Illinois State Teachers  USD34000 Public D.B. US/Alternative/  USD204 Callan Associates  Plan is building up its distressed debt allocation. No timeframe 
Retirement System Distressed Debt Chicago, IL for decision on whether to search for a new manager or give 
assets to an incumbent.
Oakland County (Mich.) Employees  USD1,000 Public D.B. US/Active Fixed-Income/ N/A Portfolio Analytics Intends to review its fixed-income portfolio. 
Retirement System High-Yield High-yield is a possibility.
Georgia Firefighters' Pension Fund USD530 Public D.B. US/ Active Fixed- USD53 Consulting Services  If a potential bill to permit more investment flexibility is passed, 
Income/ High-Yield Group LLC, Memphis, TN fund would invest 10% in high-yield. Fund expects investment 
freedom to still be a couple of years off, however.
Georgia Peace Officers Annuity &  USD360 Public D.B. US/ Active Fixed- USD12 Southeastern Advisory,  If a potential bill is passed to relax investment restrictions, 
Benefit Fund Income/ High-Yield Atlanta, GA would invest 10% of its assets in high-yield, private equity and 
real estate to increase returns.
Seattle City Employees' Retirement  USD1,700 Public D.B. US/ Active Fixed- USD15 None,  Fund is talking to firms that offer structured credit strategies, such as 
System Income/ CDO CDOs and CLOs. No timeframe for decision on whether to search.
Vermont State Employees Retirement  USD1,000 Public D.B. US/ Active Fixed-Income N/A New England Pension  Being educated on active fixed-income vs. passive fixed-income.
System Consultants, Cambridge, MA
Updated Searches
Idaho Endowment Fund  USD870 Endowment US/ Alternative/ CDO USD5 RBC Dain Rauscher,  Will search for maiden CDO manager once review is done.
Investment Board Minneapolis, MN
Ohio Police & Fire Pension Fund USD9,000 Public D.B. US/Active Fixed-Income/ USD177 Wilshire Associates Shenkman Capital was terminated due to poor performance. 
High-Yield Assets will be used to fund new manager.
IAM National Pension Fund USD5,200 Union/Multi- US/Active Fixed-Income/ USD150 Hamilton Lane Advisors Columbia Management Group was terminated due to 
employer D.B. High-Yield organizational changes. No timeframe for decision 
on whether to conduct a replacement search.
National Electrical Benefit Fund USD10,200 Union/Multi- US/Active Fixed-Income/ USD160 Marco Consulting Group Columbia Management Group was terminated due to 
employer D.B. High-Yield organizational changes. No timeframe for decision 
on whether to conduct a replacement search.
Illinois State Teachers Retirement  USD34,000 Public D.B. US/ Active Fixed- USD190 Gordon Dickerson, Callan LM Capital was terminated due to poor performance and strategic 
System Income/ Core Associates, Chicago, IL concerns. Money was given to incumbent Taplin, Canida & Habacht.
Worcester (City of) Retirement  USD629 Public D.B. Europe/ Alternative/  N/A Had discussed an allocation to distressed debt 
System Absolute Return but no moves are imminent.

  • 02 Dec 2005

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 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%