Fixed-Income
The global asset manager has hired three portfolio managers to help launch two emerging market debt strategies later this year.
The plan’s current manager was first hired in 2017.
The deferred compensation plan hired four fixed-income managers to handle a total of $2.75 billion.
The plan hired a new core fixed-income manager in March to replace an underperforming core-plus incumbent.
The fund has added fixed-income, bank loan, international equity and private equity investments to its endowment in recent months as it builds toward a new strategic asset allocation adopted in the first quarter.
The new actively managed high yield bond exchange-traded fund aims to maximize current income with a secondary goal of capital appreciation and the strategy will invest at least 80% of its net assets in U.S.-dollar-denominated high-yield corporate bonds.
The state trust has revised the asset allocation for its reserve pool, increasing its target toward fixed-income at the expense of equities.
The plan awarded more than $3 billion to international equity and credit managers.
The pension is seeking an additional core fixed-income manager to handle up to $775 million.
The county is seeking a manager to handle a portion of a recent cash settlement.
