Rhode Island Retirement Sys-tems, Providence, with $4.4 billion, hired Loomis Sayles for a $200 million combination U.S. high-yield and convertible bond portfolio, said spokesman Steve Klamkin. The pension fund will be financing the allocation through dollar-cost averaging over four months; the first $50 million will come from cash, but the source of the remainder has not yet been determined.
The fund also is searching for its first emerging markets equity manager to run about $75 million, with responses to RFPs due Aug. 30. Selection could be made in late October.
Funding probably will come from a reduction in U.S. equities. Mr. Klamkin said the fund is in the process of rebalancing its entire portfolio and is above-target in its U.S. equities holdings.
Wilshire Associates is assisting in the search and helped with the hiring.
