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Fixed-Income

Manager Could Be Out at New Mexico PERA

August 11, 2008 - The New Mexico Public Employees' Retirement Association (NMPERA) recently discussed stripping Smith Breeden Associates of a $764 million domestic core fixed-income mandate that it manages for the plan. According to the agenda from the Santa Fe plan's July 31 meeting, it was recommended that the funds from the terminated manager be allocated to Western Asset Management and Franklin Templeton who each manage core-plus mandates for the system.

San Bernardino Makes New Investments

July 14, 2008 - The San Bernardino County Employees' Retirement Association (SBCERA) recently made commitments to three new funds, said Don Pierce, investment officer with the $6 billion plan. The board approved real estate investments of $20 million each in Bryanston Real Estate Opportunity Fund II and Square Mile Partners III. Also approved was a $30 million investment in Invesco's high yield debt fund II.

KCERA Eyes State Street For Real Return

July 14, 2008 - State Street Global Advisors (SSgA) was considered to manage an $85 million U.S. TIPS index portfolio for the Kern County Employees' Retirement Association (KCERA) at its investment board meeting last week. KCERA issued an RFI for real return managers last year (See IMW, 5/28/07).

Maryland State Fund Hunts for Bond Info

July 14, 2008 - The $37 billion State Retirement and Pension System of Maryland is looking to gather information on long-only, specialty fixed-income products, according to an RFI issued by the plan. The Baltimore-based pension system's bond investments are currently focused on core and core-plus investments, the document indicates.

Boston R.S. Launches Bank Loan Search

July 7, 2008 - The Boston Retirement System has issued an RFP for a manager to oversee up to $80 million in a long-only, open-ended bank loan portfolio. Further details regarding the search could not be ascertained. Calls to Robert Tierney, administrator for the plan, with questions regarding the search were referred to Michael Manning, the plan's consultant with NEPC. Manning did not return calls by press time.

Abbott Picked By Baltimore Employee Plan

June 30, 2008 - Private equity manager Abbott Capital Management has been hired by the $1.4 billion Baltimore Employees' Retirement System. The firm will receive a $40 million commitment to be invested in the Abbott Capital Private Equity Fund VI. An agenda for a June 18 City of Baltimore board of estimates meeting states that the plan has previously invested in two funds with the manager.

Knoxville Creates New Allocations

June 23, 2008 - As first reported on imweekly.com (6/18/08), the $540 million City of Knoxville Pension Board will meet with consultant Dan Holmes of Summit Strategies next month to discuss ways to implement recently approved allocations, said Mike Cherry, executive director at the fund. Following the results of an asset/liability study, the plan decided to carve out allocations of 11% to portable alpha, 5.5% each to emerging markets equity and international small-cap equity and 5% each to private energy and private equity, Cherry said. Within fixed-income, the fund will allocate 10% to absolute return strategies and 5% to core-plus bonds.

Gotham City Plans Hunt for Bond Firms

June 16, 2008 - The City of New York Office of the Comptroller has issued an RFP for U.S. fixed-income managers on behalf of the New York City Retirement Systems (NYCRS)which covers the employees', teachers', police, fire and board of education plans. The search is being conducted because the system's sector-specific fixed-income manager contracts will expire June 30, 2009, the RFP indicates. This search will be used to select the next round of managers in the asset class in the following sub-sectors: U.S. government, investment grade credit and mortgage-backed pass-throughs. Each mandate is expected to be between $20 million and $2 billion. The systems plan to hire managers for a three-year term, with the option to renew for a further six years.

W.V. Board Hits The Market for Bond Firms

June 9, 2008 - The West Virginia Board of Treasury Investments (BTI) has launched a search for a short-duration fixed-income manager. The BTI oversees the assets of the state's $3.6 billion consolidated pool.

Searches in Store at Ohio BWC

June 9, 2008 - The board of the $16 billion Ohio Bureau of Workers' Compensation (BWC) has approved nearly $7 billion in searches for U.S. equity and fixed-income managers, said Bruce Dunn, CIO at the fund. However, the timetable for when those RFPs will actually hit the market has yet to be finalized.

Illinois TRS to Add to Manager Program

June 2, 2008 - The Teachers' Retirement System of the State of Illinois(TRS) will be expanding its $500 million emerging manager program, said Eva Goltermann, spokeswoman for the $38.7 billion plan. The program, which had earlier encompassed only the public market asset classes, will now also include investments in private equity, real estate and absolute return. Goltermann noted that up to 10% of the program could go into private equity investments.

CalSTRS Chooses Three For New Program

May 19, 2008 - The California State Teachers' Retirement System (CalSTRS) has selected three firms to implement a new developing manager program for its $32.7 billion fixed-income portfolio. CalSTRS Spokesman Ricardo Duran said that Access Capital Strategies, Community Capital Management and Leading Edge Investment Advisors and will focus on core-plus and high yield bond strategies.

Hampshire County Hunts For Bond Firms

May 19, 2008 - The Hampshire County Retirement System is looking to invest between $5 million and $8 million in combined bank loans and high yield fixed-income. According to the Massachusetts Public Employee Retirement Administration Commission's (PERAC) Web site, the Hampshire County system has an asset allocation consisting of 24% fixed-income, 45% domestic equity, 19% international equity, 8% real estate, and 1% each in alternative investments, hedge funds and cash.

Illinois Fund Hunts for Bond Firms

May 12, 2008 - The State Universities Retirement System of Illinois (SURS) has issued an RFP for a domestic fixed-income manager for its Manager Development Program. The hired firm will oversee approximately $50 million benchmarked against the Lehman Brothers Aggregate Bond Index.

Vermont Hits the Market for Managers

May 12, 2008 - The Vermont Pension Investment Committee (VPIC) is on the hunt for investment managers to join its economically targeted investment (ETI) program. The VPIC oversees $3.3 billion for the state's employee, teacher and municipal employee retirement systems.