Plymouth Contributory Retirement scouting for high-yield manager

Plymouth (Mass.) Contributory Retirement System is searching for an active high-yield fixed-income manager to run $5 million to $6 million in a commingled vehicle.

Fiduciary Investment Advisors, investment consultant to the $158 million defined benefit plan, is assisting with the search.

The search is being conducted to comply with the state procurement regulations that contracts go out to bid every seven years, said Wendy Cherry, retirement system director, in an email.

Invesco (IVZ) is the incumbent manager. Though the board has put Invesco on watch because of personnel changes, the manager is still invited to rebid.

The RFP is available on Fiduciary Investment Advisors' website. Proposals are due by 4 p.m. EDT on July 11. Ms. Cherry said she expects a decision to be made sometime in August at the earliest.