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

  • 15 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
AssetMandate
Fund InfoSizeFund TypeAssignmentSizeConsultantComments/Firm Hired
Watertown (Mass.) Contributory USD70Public D.B.US / Active Fixed-Income /USD4Wainwright Investment Searching for an active high-yield bond manager. RFPs are 
Retirement System, High-YieldCounsel, Boston, MA, U.S.available at (http://www.winvcounsel.com).
Responses are 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 due Nov. 7 with finals 
presentations scheduled for February.
Iowa Municipal Fire & Police USD1,400Public D.B.Global/ Active Fixed-IncomeUSD50Summit Strategies Searching for a global tactical fixed-income manager. Interested 
Retirement SystemGroup, St. Louis, MOmanagers should contact Dennis L. Jacobs at (515) 254-9200. 
Proposals due Nov. 30. Will make a selection in January.
New Mexico Educational USD7,500Public D.B.US/ Active Fixed-IncomeUSD1,300Wilshire Associates, Issued an RFP for at least one fixed-income manager. RFP is available 
Retirement BoardSanta Monica, CAat (http://www.era.state.nm.us). Proposals were due Nov. 10, with a 
selection expected at the Dec. 9 board meeting.
Plymouth County (Mass.) USD520Public D.B.US/ Active Fixed-Income/ USD20Wainwright Investment Searching for a high-yield bond manager. RFP is available at 
Retirement SystemHigh-YieldCounsel, Boston, MA(http://www.winvcounsel.com/rfp.html). Proposals were due Nov. 9.
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, which will be released next week, will 
be due Oct. 21.
Waltham Contributory Retirement USD140Public D.B.US/ Active Fixed-Income/USD8Sara Colorado, Wainwright Searching for a high-yield bond manager. Email Sara Colorado at 
SystemHigh-YieldInvestment Counsel, (scolorado@winvcounsel.com) for a copy of the RFP. Proposals
Boston, MAdue Nov. 1, 2005. No timeframe for selection
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.
Woburn Retirement SystemUSD85Public D.B.US/Active Fixed-Income/USD5N/ASearching for a high-yield bond manager. Email Gus Aristizabal 
High-Yieldat (garistizabal@winvcounsel.com) for copy of the RFP. 
Proposals were due Aug. 29.
Idaho Endowment Fund USD837.5EndowmentUS/Active Fixed-USD5RBC Dain RauscherSearching for a collateralized debt manager to 
Investment BoardIncome/CDOhandle USD5 million maiden allocation.
Haverhill Retirement SystemUSD145Public D.B.US/Active Fixed-Income/USD5Wainwright Investment Issued an RFP for a high-yield bond manager. RFPs are 
High-YieldCounselavailable by contacting Jeff Locke at (jlocke@winvcounsel.com). 
Proposals were due March 17, 2005.
Medford Retirement SystemUSD125Public D.B.US/Active Fixed-Income/USD6New England Pension Searching for a high-yield bond manager. Email 
High-YieldConsultants(publicfundresponse@nepc.com) for RFP. Proposals were due 
Jan. 21, 2005. Selection expected by 2Q 2005.
Marlborough Retirement SystemUSD75Public D.B.US/ Active Fixed-USD5Ben Paradise, Meketa Searching for a high-yield bond manager. RFPs are available at 
Income/ High-YieldInvestment Group, (http://www.meketagroup.com/
mgrCenter.php). Proposals are 
Braintree, MAdue Oct. 28.
Potential Searches
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-USD15None, Fund 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
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.
Illinois State Teachers Retirement USD34,000Public D.B.US/ Active Fixed-USD190Gordon Dickerson, CallanLM Capital was terminated due to poor performance and strategic 
SystemIncome/ CoreAssociates, Chicago, ILconcerns. Money was given to incumbent Taplin, Canida & Habacht.
Worcester (City of) Retirement USD629Public D.B.Europe/ Alternative/ N/AHad discussed an allocation to distressed debt 
SystemAbsolute Returnbut no moves are imminent.


  • 15 Dec 2005

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%