The $3.3 billion District of Columbia Retirement Board's investment committee approved finalists in its search for a high-yield bond manager to run $110 million - BEA Associates, J. & W. Seligman and Loomis, Sayles. A final decision will be made next month.
Also, the committee recommended WR Lazard be terminated; the firm manages $112.5 million for the fund. The full board needs to approve the termination. Lazard, hired in 1986 as an indexed bond manager, switched to active management in 1994. Investment committee members agreed Lazard continued to perform like a passive manager. By presstime, William J. Schultz, senior vice president at Lazard, hadn't returned phone calls seeking comment.