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 |
| Pennsylvania Public School Employees | USD61,000 | Public D.B. | Active Fixed-Income | USD15 | Wilshire Associates | Seeking an emerging manager to handle fixed-income or equity |
| Retirement System | after terminating an undisclosed mid-cap growth manager for | |||||
| poor performance. | ||||||
| Dallas Employees Retirement Fund | USD2,100 | Public D.B. | Active Fixed-Income | USD200 | Wilshire Associates | Received 12 responses to RFP. Timeframe for final secection |
| could not be learned. | ||||||
| California Department of Personnel | N/A | Public D.B. | US / Passive | N/A | Unknown | RFP was supposed to be be issued at |
| Administration | Fixed-Income | http://www.cscr.dgs.ca.gov/cscr on Dec. 15. Mandate | ||||
| size is undisclosed and proposals will be due Jan. 22. | ||||||
| Chicopee Contributory Retirement | USD128 | Public D.B. | US / Active Fixed- | USD33 | Segal Advisors, | RFP is available by emailing Carol Tam at |
| System | Income / Core-Plus | Boston, MA, U.S. | (ctam@segaladvisors.com). Responses were due Jan. 9. | |||
| Dallas Employees | USD2,100 | Public D.B. | US / Active | USD200 | Wilshire Associates, | Received 12 responses to RFP. Timeframe for final selection |
| Retirement Fund | Fixed-Income | Santa Monica, CA, U.S. | could not be learned. | |||
| Louisiana State Employees Retirement | USD8,000 | Public D.B. | US / Active Fixed- | USD250 | New England Pension | Requests for RFPs can be made via email to Joel Paula at |
| System | Income / High-Yield | Consultants, Cambridge, | (publicfundresponse@nepc.com). Proposals were due Jan. 16. | |||
| MA, U.S. | ||||||
| Ohio Bureau of Workers | USD14,000 | Public D.B. | US / Active | USD3,780 | Wilshire Associates, | Will issue RFP in Feburary. |
| Compensation | Fixed-Income / | Santa Monica, CA, U.S. | ||||
| Long Term | ||||||
| Ohio Bureau of Workers | USD14,000 | Public D.B. | Global / Active | USD700 | Wilshire Associates, | Will issue RFP in March 2007. |
| Compensation | Fixed-Income / | Pittsburgh, PA, U.S. | ||||
| San Francisco Employees' Retirement | USD14,700 | Public D.B. | Global / Active Fixed | USD1,800 | Angeles 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. | ||||||
| West Virginia State Treasurers Office | USD2,600 | Public D.B. | US/Active Fixed- | USD260 | Unknown | RFP is available at (http://www.wvsto.com/Purchasing+- |
| Income/Short Term | +RFPs/Request+for+Proposals.htm). Proposals were due Nov. 28. | |||||
| Idaho Endowment Fund Investment | 837.5 | Endowment | US/Alternative/CDO | 5 | RBC Dain Rauscher | Searching for a collateralized debt manager to handle |
| Board | USD5 million maiden allocation. | |||||
| Potential Searches | ||||||
| Farmington Hills Retirement System | USD140 | Public D.B. | Active Fixed-Income | USD40 | Merrill Lynch Consulting | Fund is considering adding TIPs to its portfolio. Will likely |
| Services Group | manage internally if chosen. No timeframe for decision. | |||||
| Illinois State Board of Investment | USD11,000 | Public D.B. | Active Fixed-Income | USD120 | Marquette Associates | Plans to search for manager in 2Q. Funding will come from |
| reallocations among fixed-income managers | ||||||
| State Universities Retirement | USD14,300 | Public D.B. | Active Fixed-Income | N/A | Ennis Knupp + Associates | Will conduct an annual review of its bond managers at Jan. 31 |
| System of Illinois | investment committee meeting. Changes unlikely because fund | |||||
| is content with performance. | ||||||
| Utah State University | USD85 | Endowment | Global / Alternative | USD21 | Unknown | Set 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' | USD4,300 | Public D.B. | US / Active Fixed- | N/A | Fiduciary Investment | Will consider adding a high-yield, fixed-income manager in 2007 |
| Retirement System | Income/High-Yield | Solutions, Philadelphia, | after asset study is complete. Mandate size is not yet known. | |||
| PA, U.S. | ||||||
| Grable Foundation | USD263 | Foundation | US/Active Fixed- | USD27 | Hammond Associates, | Will make a 10% allocation to TIPS and will discuss how to |
| Income/Inflation-Linked | St. Louis, MO, U.S. | implement the strategy at its next meeting in late January. | ||||
| Bonds | Calls should be made to the consultant. | |||||
| School Employees Retirement | USD9,970 | Public D.B. | US/Active | USD200 | Summit Strategies Group, | Researched high return fixed-income strategies last year but |
| System of Ohio | Fixed-Income | St. Louis, MO, U.S. | deferred moves due to current market environment. Will | |||
| continue to explore alternative fixed-income strategies. | ||||||
| Oakland County (Mich.) Employees | 1,000.00 | Public D.B. | US/Active Fixed- | N/A | Portfolio Analytics | Intends to review its fixed-income portfolio. |
| Retirement System | Income/High-Yield | High yield is a possibility. | ||||
| Road Carriers Local #707 Pension Fund | 328 | Union/Multi- | US/Active Fixed- | N/A | Morgan Stanley | May invest in high yield to boost returns. |
| employer D.B. | Income/High-Yield | Investment Consulting | Will discuss at its two-day meeting in August. | |||
| Kern County (Calif.) Employees | 2,000.00 | Public D.B. | US/Active Fixed- | 97 | Wilshire Associates | W.R. Huff Asset Management was terminated for unspecified |
| Retirement Association | Income/High-Yield | reasons. Assets were given to incumbents Goldman Sachs | ||||
| Asset Management and Western Asset Management. | ||||||
| Updated Searches | ||||||
| Fairfax County (Va.) Uniformed | 817 | Public D.B. | US/Active Fixed- | N/A | New England Pension | Holding off on its high-yield search until market conditions |
| Retirement System | Income/High-Yield | Consultants | become more attractive. | |||
| Pennsylvania Public School Employees | 50,000.00 | Public D.B. | US/Active Fixed- | 500 | Wilshire Associates | W.R. Huff Asset Management was terminated as a result of |
| Retirement System | Income/High-Yield | reducing exposure to high-yield, fixed-income securities. | ||||
| IAM National Pension Fund | 5,200.00 | Union/Multi- | US/Active Fixed- | 150 | Meketa Investment Group | Columbia Management Group was terminated due to |
| employer D.B. | Income/High-Yield | organizational changes. No timeframe for decision on whether | ||||
| to conduct a replacement search. | ||||||
| National Electrical Benefit Fund | 10,200.00 | Union/Multi- | US/Active Fixed- | 160 | Marco Consulting Group | Columbia Management Group was terminated due to |
| employer D.B. | Income/High-Yield | organizational changes. No timeframe for decision on | ||||
| whether to conduct a replacement search. | ||||||
| Florida State Board of Administration | 120,000.00 | Public D.B. | US/Active Fixed- | 340 | Callan Associates | W.R. Huff Asset Management has resigned from its portfolio |
| Income/High-Yield | for unspecified reasons. Assets reallocated to existing | |||||
| mandates and current managers. | ||||||
| Massachusetts Pension Reserves | 36,000.00 | Public D.B. | US/Active Fixed- | 300 | Wilshire Associates | Plan voted to terminate W.R. Huff Asset Management after |
| Investment Management Board | Income/High-Yield | the 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 | USD5,100 | Public D.B. | US / Active | USD250 | Unknown | Closed portfolio managed by TCW Group and redistributed |
| Retirement System, Lansing, MI | Fixed-Income / | assets among other asset classes and existing managers. | ||||
| Convertibles | ||||||
| Completed Searches | ||||||
| Wisconsin State Investment Board | USD83,000 | Public D.B. | Emerging Markets / | USD167 | Hamilton Lane Advisors | Aberdeen Asset Management no longer under review due to |
| Alternative / | improved performance. | |||||
| Distressed Debt | ||||||
| Creighton University | USD265 | Endowment | US / Active Fixed- | USD12 | Fund Evaluation Group, | Western Asset Management |
| Income / Bank Loans | Cincinnati, OH, U.S. | |||||
| Orange County Employees | USD6,400 | Public D.B. | US / Active Fixed- | USD250 | Callan Associates, | Aberdeen Asset Management |
| Retirement System | Income / Core-Plus | San Francisco, CA, U.S. | ||||
| Philadelphia Foundation | USD229 | Foundation | US / Active Fixed- | USD1 | Colonial Consulting, | Access Capital Strategies, LLC |
| Income / Mortgage- | New York, NY, U.S. | |||||
| Backed Securities | ||||||
| Plymouth County (Mass.) Retirement | USD660 | Public D.B. | US / Active Fixed- | USD20 | Wainwright Investment | Eaton Vance Management |
| System | Income/High-Yield | Counsel, Boston, MA, U.S. | ||||
| Pittsfield Contributory Retirement System | USD82 | Public D.B. | US/Active Fixed- | USD22 | Unknown | Fidelity Investment Management (H.K.) |
| Income/Core-Plus | ||||||
| Wayne County Employees Retirement | USD1,200 | Public D.B. | US/Active Fixed- | USD15 | UBS Financial Services, | JP Morgan Chase & Company |
| System | Income/Core | Troy, MI, U.S. | ||||
| Wayne County Employees Retirement | USD1,200 | Public D.B. | US/Active Fixed- | USD5 | UBS Financial Services, | Ambassador Capital Management |
| System | Income/Core | Troy, MI, U.S. | ||||
| Detroit Police & Fire Retirement System | 3,000.00 | Public D.B. | US/Active Fixed- | 105 | North Point Advisors | HSBC Halbis Partners |
| Income/High-Yield | ||||||
| Fresno (Calif.) City Employees | 1,600.00 | Public D.B. | US/Active Fixed- | 32 | Wilshire Associates | Loomis, Sayles & Company L.P. |
| Retirement System | Income/High-Yield | |||||
| Houston Municipal Employees | 1,400.00 | Public D.B. | US/Active Fixed- | 30 | Wilshire Associates | DDJ Capital Management |
| Pension System | Income/High-Yield | |||||
| St. Louis Public School | 989 | Public D.B. | US/Active Fixed- | 50 | New England Pension | HSBC Halbis Partners |
| Retirement System | Income/High-Yield | Consultants | ||||
| Omaha School Employees | 790 | Public D.B. | US/Active Fixed- | 40 | Jeffrey Slocum | HSBC Halbis Partners |
| Retirement System | Income/High-Yield | & Associates | ||||
| New York City Retirement Systems | 87,000.00 | Public D.B. | US/Active Fixed-I | 200 | None | MacKay-Shields llc |
| ncome/High-Yield | ||||||
| New York City Retirement Systems | 87,000.00 | Public D.B. | US/Active Fixed- | 200 | None | Seix Investment Advisors |
| Income/High-Yield | ||||||
| Hartford Municipal Employees | 1,300.00 | Public D.B. | US/Active Fixed- | 25 | Unknown | PIMCO Advisors |
| Retirement System | Income/High-Yield | |||||
| Essex Regional Retirement System | 213 | Public D.B. | US/Active Fixed- | 11 | Segal Advisors | Loomis, Sayles & Company L.P. |
| Income/High-Yield | ||||||
| Los Angeles County Employees' | 26,000.00 | Public D.B. | US/Active Fixed- | 50 | Russell Investment | Penn Capital Management |
| Retirement Association (LACERA) | Income/High-Yield | Group | ||||
| Woodlawn Cemetery | N/A | Non-Profit | US/Active Fixed- | 7 | Unknown | Penn Capital Management |
| Organization | Income/High-Yield | |||||
| Massachusetts Pension Reserves | 36,000.00 | Public D.B. | US/Alternative/ | 100 | New England Pension | TCW Group |
| Investment Management Board | Distressed Debt | Consultants | ||||
| Luzerne County (Pa.) Employees | 180 | Public D.B. | US/Active Fixed- | 5 | Merrill Lynch Consulting | Penn Capital Management |
| Retirement System | Income/High-Yield | Services Group | ||||
| Louisiana State Employees | 6,400.00 | Public D.B. | US/Active Fixed- | 260 | New England Pension | Wells Capital Management |
| Retirement System | Income/High-Yield | Consultants |