Trustees of the $20 billion Los Angeles County Employees' Retirement Association, Pasadena, approved issuance of an RFP for high-yield bond managers. The RFP will be available upon request, said Juan Almaguer, fund investment officer for fixed income. Responses are due Jan. 31. Finalists are expected to be named by the end of March. Two managers will be hired for $250 million each.
Candidates must have at least $500 million in high-yield assets, at least half in separate accounts; returns for the last three and five years must be above the CS First Boston High Yield Index.
Later, a third manager might be hired, or the two managers could have their assets increased by a total of $300 million.
Russell is assisting.