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 |
| New Jersey Division of Investment | USD79,400 | Public D.B. | US / Active Fixed- | USD2,382 | Strategic Investment | Will hire high-yield firms to oversee a 3% first foray this |
| Income / High-Yield | Solutions, San Francisco, | fiscal year. | ||||
| CA, U.S. | ||||||
| Santa Barbara County Employees | USD1,600 | Public D.B. | US / Active Fixed- | Pension Consulting Alliance, | Seeking an aggressive core-plus manager. | |
| Retirement System | Income / Core-Plus | Encino, CA, U.S. | ||||
| Ohio Police & Fire Pension Fund | USD10,043 | Public D.B. | US / Active Fixed-Income / | USD200 | None | Placed MacKay Shields on watch due to personnel changes. |
| System (CalSTRS), | Income / High-Yield | Encino, CA, U.S. | ||||
| Louisiana Municipal Police | USD1,300 | Public D.B. | US / Active Fixed-Income / | N/A | Summit Strategies Group, | RFP has been approved by the board, but a timeframe for issuance |
| Employees Retirement System | Absolute Return | St. Louis, MO, U.S. | hasn't been decided. | |||
| Los Angeles County Employees' | USD33,000 | Public D.B. | US / Active | N/A | Russell Investment Group, | Will launch search this year. Incumbents LM Capital, Loomis |
| Retirement Association (LACERA) | Fixed-Income / Core | Tacoma, WA, U.S. | Sayles, PIMCO Advisors and Western Asset Management are not | |||
| facing replacement. | ||||||
| Potential Searches | ||||||
| New Hampshire Retirement | USD4,700 | Public D.B. | US / Active Fixed-Income | N/A | Ennis Knupp + Associates, | Will increase its bond exposure to better match liabilities. Decision |
| System | Chicago, IL, U.S. | follows an asset study. Hasn't decided on strategy or mandate size. | ||||
| New Jersey Division of Investment | USD79,400 | Public D.B. | US / Active | USD2,382 | Strategic Investment | Could hire high-yield firms to oversee a 3% first foray. |
| Fixed-Income / High Yield | Solutions, San Francisco, | |||||
| CA, U.S. | ||||||
| Ohio Bureau of Workers | USD14,000 | Public D.B. | US / Active | USD3,780 | Wilshire Associates, | Plans to issue RFP in July. |
| Compensation | Fixed-Income / Long Term | Santa Monica, CA, U.S. | ||||
| Ohio Bureau of Workers | USD14,000 | Public D.B. | Global / Active | USD700 | Wilshire Associates, | Intends to seek high-yield managers in November. |
| Compensation | Fixed-Income / High Yield | Pittsburgh, PA, U.S. | ||||
| College of Wooster | USD250 | Endowment | US / Active Fixed-Income | N/A | None, Unknown | Has no domestic fixed-income exposure and is reviewing whether |
| to get back in. Wants to see rates come down, credit spreads widen | ||||||
| and returns improve. | ||||||
| Oklahoma Teachers Retirement | USD7700 | Public D.B. | US / Active Fixed-Income | USD320 | Gregory W Group, Tulsa, OK | Neuberger Berman was placed on watch for personnel issues. |
| System | ||||||
| Alaska State Pension Investment | USD12,300 | Public D.B. | US / Active Fixed-Income / | USD200 | Callan Associates, | MacKay Shields was placed on watch due to organizational |
| Board | High Yield | San Francisco, CA, U.S. | changes. No timeframe for monitoring the firm. | |||
| Bristol County Retirement System | USD276 | Public D.B. | Global / Active Fixed-Income | N/A | CRA RogersCasey, | Board will select a manager next month to handle a tactical |
| /Tactical Asset Allocation | Waltham, 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 | USD390 | Public D.B. | US / Active Fixed-Income | USD20 | Morgan Stanley Investment | Fund will likely search for at least one non-core fixed-income |
| System | Consulting, New Orleans, | manager in 2006. | ||||
| LA, U.S. | ||||||
| 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. | ||||
| Illinois State Teachers | USD34000 | Public D.B. | US/Alternative/ | USD204 | Callan Associates | Plan is to build 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. High yield is |
| Retirement System | High Yield | 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, it |
| 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 | USD1,000 | Public D.B. | US/ Active Fixed-Income | N/A | New England Pension | Being educated on active fixed-income vs. passive fixed-income. |
| Retirement System | Consultants, Cambridge, MA | |||||
| San Jose Police & Fire | USD1,600 | Public D.B. | Global / Active | USD115 | Mercer Investment | Credit Suisse Asset Management is on watch for poor performance. |
| Retirement Plan | Fixed-Income | Consulting, Seattle, WA | ||||
| Updated Searches | ||||||
| Arlington (Mass.) Contributory | USD126 | Public D.B. | US / Active Fixed-Income / | USD6 | Wilshire Associates, | Interviewing three unspecified managers. No timeframe for a |
| Retirement System | High Yield | Pittsburgh, PA | final selection. | |||
| Louisiana Municipal Police | USD1300 | Public D.B. | US / Active Fixed-Income / | USD100 | Summit Strategies Group, | Selected BlackRock, Brandywine Asset Management, Putnam . |
| Employees Retirement System | Absolute Return | St. Louis, MO | Investments, UBS Global Asset Management and Western Asset | |||
| Management as finalists. Was expected to select a firm at its May 17 | ||||||
| board meeting | ||||||
| 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. | ||||||
| Completed Searches | ||||||
| New Jersey Division of | USD79,400 | Public D.B. | Asia / Alternative / | USD50 | Strategic Investment | Avenue Capital Partners |
| Investment | Distressed Debt | Solutions, San Francisco, | ||||
| CA, U.S. | ||||||
| Alaska Permanent Fund | USD33,000 | Permanent | US / Active Fixed-Income / | USD100 | Callan Associates, | Goldman Sachs Asset Management |
| Corporation, Juneau, AK | Fund | High-Yield | Florham Park, NJ, U.S. | |||
| Alaska Permanent Fund | USD33,000 | Permanent | US / Active Fixed-Income / | USD100 | Callan Associates, | Capital Guardian Trust Company |
| Corporation, Juneau, AK | Fund | High-Yield | Florham Park, NJ, U.S. | |||
| Tacoma Employees Retirement | USD744 | Public D.B. | US / Active Fixed-Income / | USD20 | Wilshire Associates, | Post Advisory Group |
| System, Tacoma, WA | High-Yield | Santa Monica, CA, U.S. | ||||
| Teachers' Retirement System of | USD12,700 | Public D.B. | US / Active Fixed-Income / | N/A | Unknown, Unknown | Email Meliissa Ventress (melissa.ventress@trsl.org) for copy of the |
| Louisiana, Baton Rouge, LA | Investment Grade | RFP. Proposals are due June 19. | ||||
| Houston Municipal Employees | USD2000 | Public D.B. | US / Alternative / | USD10 | Wilshire Associates, | Highland Capital Management |
| Pension System | Distressed Debt | Santa Monica, CA | ||||
| Pennsylvania State Employees | USD29000 | Public D.B. | Emerging Markets / | USD210 | Rocaton Investment Advisors, | Ashmore Investment Management |
| Retirement System | Alternative / | Norwalk, CT | ||||
| Distressed Debt |