The $1.25 billion Houston Police Officers' Pension System expects to launch a search within the next three weeks for one or more global fixed-income manager, said John Lawson, executive director. It's possible, however, the fund would decide following the search to use existing bond managers with global capabilities. The amount of assets to be assigned has not been determined.
Meanwhile, the fund hired two large-cap equity managers to invest a combined $85 million, and invested $40 million with two opportunistic equity managers. MacKay-Shields Financial was hired to manage a $43 million large-cap growth portfolio, and Donald Smith & Co. will manage a $42 million large-cap value portfolio. Iridian Asset Management received a $30 million opportunistic equity mandate, while Sturdivant & Co. will oversee $10 million in a similar portfolio