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Fixed-Income Asset Class

News

Russell: Managers Bullish on Risky Assets

Asset managers may be ready to take on more risk in their portfolios, according to the findings of Russell Investments latest quarterly 'Investment Manager Outlook'. The survey indicated that 74% of polled managers are bullish on emerging markets stocks, and 66% feel positively about high yield fixed-income. Conversely, surveyed managers are less than enthusiastic about cash and U.S. Treasuries, expressing bullish sentiment of 10% and 9%, respectively, Russell said. Also noteworthy, 67% of responding managers expect…

GE Real Estate Hires Debt Pro

Skip Wells has joined the Global Investment Management team at GE Capital Real Estate as a fund manager for senior secured debt investments, the firm has announced. In his new role, Wells will be responsible for implementing investment strategies and general fund supervision. He has been with GE since 1989, first with the firm's capital financial management program and subsequently in its strategic capital group. 'Skip's broad range of experience in real estate lending, and his…

MacKay Shields Acquires Muni Bond Firm

New York Life Investments subsidiary MacKay Shields has signed a deal to acquire the assets and staff of Mariner Municipal Managers (M3), a move which will result in the creation of a new municipal bond asset management division at MacKay. Robert DiMella and John Loffredo, M3's principals, will lead the new division at Mackay, according to a statement issued by the firm. The duo has worked together for quite sometime, including stints at BlackRock and Merrill…

Bond Manager Fills New Marketing Post

Tim West has joined fixed-income shop WCAS Fraser Sullivan Investment Management, the firm said in a statement. As director of marketing and investor relations, he will have responsibility for the firm's marketing strategy and for overseeing WCAS Fraser Sullivan's marketing initiatives and client service operations. The role is newly created. Prior to joining WCAS Fraser Sullivan, West spent 18 years with MacKay Shields, most recently serving as senior managing director. In the statement, John Fraser, managing partner…

Third Avenue Hires from BlackRock

Third Avenue Management has hired BlackRock alum Jeffrey Gary as a portfolio manager for its investment team. Additionally, Thomas Lapointe has joined the firm as a senior research analyst, according to a statement announcing the additions. Gary will be responsible for constructing portfolios and identifying credit opportunities, while Lapointe will identify high-yield opportunities for the firm. Gary was lead portfolio manager and head of the high yield/distressed debt investment team at BlackRock. He has also served as…

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Articles

Luzerne County to Explore TALF

The Luzerne County Retirement System will invest a portion of its portfolio with a Term Asset-Backed Loan Facility (TALF) manager. Reportedly, the board has agreed to place $10 million in the strategy at the advisement of its consultant Richard Hazzouri of Morgan Stanley Smith Barney. Further details regarding how the Pennsylvania plan would select a manager to invest the assets could not be obtained by press time. Both Hazzouri and Rick Hummer, Luzerne County's pension coordinator could…

Tulare County Completes Search and Study

The Tulare County Employees' Retirement Association (TCERA) has completed an asset/liability study and as a result will up the ante on its allocations to private equity and hedge funds, and make maiden investments in TIPS and emerging markets. David Kehler, administrator of the $1 billion plan, said that the board will look at the individual asset classes over the next few months to determine the actual sizes of the new and increased allocations. This will help…

Core Bonds on the Way at Texas Muni.

The Texas Municipal Retirement System will search for a core-plus fixed-income manager, said Bill Wallace, spokesman for the $14.6 billion plan. Wallace explained the manager would oversee 10% of the total portfolio--or 13% of the current fixed-income portfolio. He also noted that the search would be conducted this summer. R.V. Kuhns & Associates, the TMRS' general investment consultant will assist. 'Because of the size of the fixed-income portion of the portfolio, the goal was to…

Illinois TRS Awards $100M to PIMCO

The Teachers' Retirement System of Illinois (TRS) has made a $100 million investment in a term asset-backed loan facility (TALF) through PIMCO. The firm also manages a fixed-income mandate for the plan. 'PIMCO was selected because the firm has a long and respected history at TRS and this TALF commitment represents an attractive opportunity for TRS,' said Eva Goltermann, spokeswoman for the $27.2 billion plan. Goltermann noted that the board would review other TALF funds as…

Sacramento County Dips Into TALF

Two term asset-backed securities loan facility (TALF) investments were approved at a Sacramento County Employees' Retirement System (SCERS) board meeting this week, said Jeff States, CIO with the $4 billion plan. States said that $20 million each will be placed with Metropolitan West Asset Management and PIMCO. He noted that funding for the investments would come from cash as part of the plan's opportunistic allocation. According to the SCERS' Web site, there is a 5%…

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