Massachusetts Bay Transportation Authority's $1.3 billion pension fund, Boston, is searching for a government/corporate intermediate-term fixed-income manager.
Callan Associates is conducting the search; no RFPs will be issued. A decision is expected by December.
Funding will come from reductions in existing high-yield bond accounts managed by Loomis Sayles, Boston Co. and Lazard Freres. Because of strong performance, the high-yield sector has gotten ``out of whack from the AA sector,'' said Jack Gallahue, executive director.
The fund also has committed $5 million each to three venture capital limited partnerships: IAI Venture Fund II, a fund managed by IAI Ventures Inc., and WPG Venture Fund IV and CDA Fund II, both managed by Weiss, Peck & Greer.
Assets came from an existing cash allocation set aside to be invested in the sector.