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 | |||||
| Size | Fund Type | Assignment | Size | Consultant | Comments/Firm Hired | |
| Fund Info | USD1900 | Public D.B. | US / Active Fixed-Income / | USD130 | Strategic Investment | Will issue an RFI this week. Interested parties should contact |
| San Joaquin County Employees | Absolute Return | Solutions, San Francisco, CA | consultant. Responses were due May 28. | |||
| Retirement System | USD55 | Public D.B. | US / Active Fixed-Income | USD10 | Dahab Associates, | RFPs are available at (http://www.dahab.com/Sunrise% |
| Sunrise Firefighters Retirement Fund | Dedham, MA | 20FF-FI-05_22_06-RFP.doc). Proposals were due May 22 with final | ||||
| presentations in June. | ||||||
| USD14,200 | Public D.B. | US / Active Fixed- | USD3,050 | Unknown | RFI is available at (http://www.kyret.com/RequestForProposals.htm). | |
| Kentucky Retirement Systems | Income / Core | Responses were due May 22. | ||||
| USD640 | Public D.B. | US / Active Fixed-Income/ | USD32 | Wainwright Investment | RFPs are available at (http://www.winvcounsel.com/rfp.html) | |
| Middlesex County Retirement System | High-Yield | Counsel, Boston, MA | and were due April 17. | |||
| USD133,000 | Public D.B. | US / Active Fixed- | N/A | Pension Consulting Alliance, | RFP is available at (http://www.calstrs.com/about%20Calstrs/ | |
| California State Teachers | Income / Core-Plus | Encino, CA, U.S. | contract%20opportunities/rfp/2p200509.aspx) | |||
| Retirement System (CalSTRS) | and was due April 12. | |||||
| USD133,000 | Public D.B. | US / Active Fixed- | USD5,000 | Pension Consulting | RFP is available at (http://www.calstrs.com/about%20 | |
| California State Teachers | Income High-Yield | Alliance, | Calstrs/contract%20opportunities/rfp/2p200509.aspx) and was | |||
| Retirement | due April 12. | |||||
| USD10,043 | Public D.B. | US / Active Fixed-Income / | USD200 | None | Placed MacKay Shields on watch due to personnel changes. | |
| Ohio Police & Fire Pension Fund | Income / High-Yield | Encino, CA, U.S. | ||||
| System (CalSTRS), | 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 |
| Louisiana Municipal Police | Absolute Return | St. Louis, MO, U.S. | hasn't been decided. | |||
| Employees Retirement System | USD33,000 | Public D.B. | US / Active | N/A | Russell Investment Group, | Will launch search this year. Incumbents LM Capital, Loomis |
| Los Angeles County Employees' | Fixed-Income / Core | Tacoma, WA, U.S. | Sayles, PIMCO Advisors and Western Asset Management are not | |||
| Retirement Association (LACERA) | facing replacement. | |||||
| Potential Searches | ||||||
| USD14,000 | Public D.B. | US / Active | USD3,780 | Wilshire Associates, | Plans to issue RFP in July. | |
| Ohio Bureau of Workers | Fixed-Income / Long Term | Santa Monica, CA, U.S. | ||||
| Compensation | USD14,000 | Public D.B. | Global / Active | USD700 | Wilshire Associates, | Intends to seek high-yield managers in November. |
| Ohio Bureau of Workers | Fixed-Income / High-Yield | Pittsburgh, PA, U.S. | ||||
| Compensation | USD250 | Endowment | US / Active Fixed-Income | N/A | None, Unknown | Has no domestic fixed-income exposure and is reviewing whether |
| College of Wooster | to get back in. Wants to see rates come down, credit spreads widen | |||||
| and returns improve. | ||||||
| USD7700 | Public D.B. | US / Active Fixed-Income | USD320 | Gregory W Group, Tulsa, OK | Neuberger Berman was placed on watch for personnel issues. | |
| Oklahoma Teachers Retirement | ||||||
| System | USD12,300 | Public D.B. | US / Active Fixed-Income / | USD200 | Callan Associates, | MacKay Shields was placed on watch due to organizational |
| Alaska State Pension Investment | High-Yield | San Francisco, CA, U.S. | changes. No timeframe for monitoring the firm. | |||
| Board | USD276 | Public D.B. | Global / Active Fixed-Income | N/A | CRA RogersCasey, | Board will select a manager next month to handle a tactical |
| Bristol County Retirement System | /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. | ||||||
| USD390 | Public D.B. | US / Active Fixed-Income | USD20 | Morgan Stanley Investment | Fund will likely search for at least one non-core fixed-income | |
| New Orleans Employees' Retirement | Consulting, New Orleans, | manager in 2006. | ||||
| System | LA, U.S. | |||||
| USD600 | Corporate D.B. | US/ Active Fixed-Income/ | N/A | None | May consider increasing its exposure to portable alpha fixed-income | |
| Cooper Industries | 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. | ||||||
| USD2,800 | Public D.B. | International/ Active | N/A | None | Considering investing in international fixed-income. | |
| Missouri Local Government | Fixed-Income | No timeframe for decision on whether to search. | ||||
| Employees Retirement System | USD34000 | Public D.B. | US/Alternative/ | USD204 | Callan Associates | Plan is to build up its distressed debt allocation. No timeframe |
| Illinois State Teachers | Distressed Debt | Chicago, IL | for decision on whether to search for a new manager or give | |||
| Retirement System | assets to an incumbent. | |||||
| USD1,000 | Public D.B. | US/Active Fixed-Income/ | N/A | Portfolio Analytics | Intends to review its fixed-income portfolio. | |
| Oakland County (Mich.) Employees | High Yield | High yield is a possibility. | ||||
| Retirement System | USD530 | Public D.B. | US/ Active Fixed- | USD53 | Consulting Services | If a potential bill to permit more investment flexibility is passed, |
| Georgia Firefighters' Pension Fund | 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. | ||||||
| USD360 | Public D.B. | US/ Active Fixed- | USD12 | Southeastern Advisory, | If a potential bill is passed to relax investment restrictions, it | |
| Georgia Peace Officers Annuity & | Income/ High Yield | Atlanta, GA | would invest 10% of its assets in high yield, private equity and | |||
| Benefit Fund | real estate to increase returns. | |||||
| USD1,700 | Public D.B. | US/ Active Fixed- | USD15 | None | Fund is talking to firms that offer structured credit strategies, such as | |
| Seattle City Employees' Retirement | Income/ CDO | CDOs and CLOs. No timeframe for decision on whether to search. | ||||
| System | USD1,000 | Public D.B. | US/ Active Fixed-Income | N/A | New England Pension | Being educated on active fixed-income vs. passive fixed-income. |
| Vermont State Employees Retirement | Consultants, Cambridge, MA | |||||
| System | USD1,600 | Public D.B. | Global / Active | USD115 | Mercer Investment | Credit Suisse Asset Management is on watch for poor performance. |
| San Jose Police & Fire Retirement | Fixed-Income | Consulting, Seattle, WA | ||||
| Plan | ||||||
| Updated Searches | ||||||
| USD126 | Public D.B. | US / Active Fixed-Income / | USD6 | Wilshire Associates, | Interviewing three unspecified managers. No timeframe for a | |
| Arlington (Mass.) Contributory | High Yield | Pittsburgh, PA | final selection. | |||
| Retirement System | USD1300 | Public D.B. | US / Active Fixed-Income / | USD100 | Summit Strategies Group, | Selected BlackRock, Brandywine Asset Management, Putnam . |
| Louisiana Municipal Police | Absolute Return | St. Louis, MO | Investments, UBS Global Asset Management and Western Asset | |||
| Employees Retirement System | Management as finalists. Was expected to select a firm at its May 17 | |||||
| board meeting | ||||||
| USD870 | Endowment | US/ Alternative/ CDO | USD5 | RBC Dain Rauscher, | Will search for maiden CDO manager once review is done. | |
| Idaho Endowment Fund | Minneapolis, MN | |||||
| Investment Board | USD9,000 | Public D.B. | US/Active Fixed-Income/ | USD177 | Wilshire Associates | Shenkman Capital was terminated due to poor performance. |
| Ohio Police & Fire Pension Fund | High Yield | Assets will be used to fund new manager. | ||||
| USD5,200 | Union/Multi- | US/Active Fixed-Income/ | USD150 | Hamilton Lane Advisors | Columbia Management Group was terminated due to | |
| IAM National Pension Fund | employer D.B. | High-Yield | organizational changes. No timeframe for decision | |||
| on whether to conduct a replacement search. | ||||||
| USD10,200 | Union/Multi- | US/Active Fixed-Income/ | USD160 | Marco Consulting Group | Columbia Management Group was terminated due to | |
| National Electrical Benefit Fund | employer D.B. | High-Yield | organizational changes. No timeframe for decision | |||
| on whether to conduct a replacement search. | ||||||
| Completed Searches | ||||||
| USD33,000 | Permanent | US / Active Fixed-Income / | USD100 | Callan Associates, | Goldman Sachs Asset Management | |
| Alaska Permanent Fund | Fund | High-Yield | Florham Park, NJ, U.S. | |||
| Corporation, Juneau, AK | USD33,000 | Permanent | US / Active Fixed-Income / | USD100 | Callan Associates, | Capital Guardian Trust Company |
| Alaska Permanent Fund | Fund | High-Yield | Florham Park, NJ, U.S. | |||
| Corporation, Juneau, AK | USD744 | Public D.B. | US / Active Fixed-Income / | USD20 | Wilshire Associates, | Post Advisory Group |
| Tacoma Employees Retirement | High-Yield | Santa Monica, CA, U.S. | ||||
| System, Tacoma, WA | USD12,700 | Public D.B. | US / Active Fixed-Income / | N/A | Unknown, Unknown | Email Meliissa Ventress (melissa.ventress@trsl.org) for copy of the |
| Teachers' Retirement System of | Investment Grade | RFP. Proposals are due June 19. | ||||
| Louisiana, Baton Rouge, LA | USD2000 | Public D.B. | US / Alternative / | USD10 | Wilshire Associates, | Highland Capital Management |
| Houston Municipal Employees | Distressed Debt | Santa Monica, CA | ||||
| Pension System | USD29000 | Public D.B. | Emerging Markets / | USD210 | Rocaton Investment Advisors, | Ashmore Investment Management |
| Pennsylvania State Employees | Alternative / | Norwalk, CT | ||||
| Retirement System | Distressed Debt |