SEARCHES AND HIRES

New York State Teachers picks 2 for high-yield bonds

New York State Teachers' Retirement System, Albany, hired J.P. Morgan Asset Management (JPM) and Nomura Corporate Research and Asset Management to run up to $200 million each in high-yield fixed-income portfolios, according to a summary of the Thursday meeting.

The $109.2 billion pension fund did not provide funding sources for the new managers in the summary.

The pension fund also renewed the contracts of five managers: Adelante Capital Management, which runs a real estate investment trust portfolio, for one year effective July 1; Cohen & Steers Capital Management (CNS), which runs two portfolios — one income-oriented and one total return – investing in REITs and real estate operating companies, for one year effective July 1; LSV Asset Management, active international equity portfolio, for one year effective July 25; RREEF America, which runs a portfolio investing in REITs and REOCs, for one year effective July 1; and Wellington Management, which runs a global fixed-income portfolio, for one year, effective June 20. Portfolio sizes were not provided.

John Cardillo, pension fund spokesman, could not be immediately reached to provide further information.