The Ohio Police & Fire Pension Fund has selected Lehman Brothers and Loomis Sayles to handle a $310 million high-yield bond mandate. No decision has been made as to how the mandate will be divided among the two managers. The previous managers of the fund, Shenkman Capital and WR Huff Asset Management, were dismissed in July and April, respectively, due to performance reasons.
"The board felt that Lehman and Loomis were the two most qualified candidates to manage the high-yield portfolio for OPF," said David Graham, spokesman for Ohio Pension. The consultant for the fund, Callan Associates, was also dismissed at an undisclosed time and replaced with Willshire Associates. The new bond managers were chosen at a board meeting on Sept. 28.