High-Yield
The fund will also review a high-yield fixed-income manager search request from staff at its June 13 board meeting.
The plan interviewed a total of five finalists at yesterday’s board meeting.
The retirement system will shift planned searches for bank loan and high-yield managers into a single search for multi-asset credit managers.
The pension plan will be looking to fill a new 4% target to the sub-asset class.
The plan’s existing high-yield fixed-income managers had been on watch for performance reasons.
The firm also hired two high-yield fixed-income managers to handle $450 million each.
The retirement system will also launch a search for private credit managers next year.
The hire concludes an RFP process that began in May.
The plan is seeking separate account managers that can offer exposure to multiple credit asset classes.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.