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 |
| Middlesex County Retirement System, | USD640 | Public D.B. | US / Active Fixed-Income/ | USD32 | Wainwright Investment | RFPs are available at (http://www.winvcounsel.com/rfp. |
| High-Yield | Counsel, Boston, MA | html) and are due April 17. | ||||
| Attleboro Municipal Contribution | USD50 | Public D.B. | US / Active Fixed- | USD22 | Segal Advisors, Boston, | RFP is available by emailing Rosemary Guillette |
| Retirement System, | Income / Core-Plus | MA, U.S. | (rguillette@segaladvisors.com). Proposals were due March 23. | |||
| California State Teachers | USD133,000 | Public D.B. | US / Active Fixed- | N/A | Pension Consulting Alliance, | RFP is available at (http://www.calstrs.com/about%20Calstrs/ |
| Retirement System (CalSTRS), | Income / Core-Plus | Encino, CA, U.S. | contract%20opportunities/rfp/2p200509. aspx) |
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| and was due April 12. | ||||||
| California State Teachers | USD133,000 | Public D.B. | US / Active Fixed- | USD5,000 | Pension Consulting | RFP is available at (http://www.calstrs.com/about%20 |
| Retirement | Income High-Yield | Alliance, | Calstrs/contract%20opportunities/rfp/2p200509. aspx) and was |
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| due April 12. | ||||||
| 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. | ||||
| Arlington (Mass.) Contributory | USD126 | Public D.B. | US / Active Fixed-Income / | USD6 | Wilshire Associates, . | RFPs are available at (http://www.wilshire.com/ BusinessUnits/ |
| Retirement System | High-Yield | Pittsburgh, PA, U.S | Consulting/Research/ ManagerSearch.html). Proposals were due |
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| Feb. 14 with final presentations scheduled for March 30. | ||||||
| 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 | ||||||
| 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 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 | |||||
| San Jose Police & Fire Retirement | USD1,600 | Public D.B. | Global / Active | USD115 | Mercer Investment | Credit Suisse Asset Management is on watch for poor performance. |
| Plan | Fixed-Income | Consulting, Seattle, WA | ||||
| 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. |