The Houston Municipal Employees Pension System has hired DDJ Capital Management to manage a $30 million high-yield bond mandate. The Wellesley, Mass.-based manager replaces GoldenTree Asset Management, which dropped the account in May because it decided to leave the high-yield separate account business.
"We chose DDJ using a rigorous search criteria requiring minimum assets, under management, performance, and reporting standards," said Peter Koops, spokesman for the pension system. He declined to reveal to name the other finalists vying for the mandate.