Public Employees Retirement System of Nevada, Reno, is doing a top-to-bottom review of its fixed-income managers, and searches are likely to follow. A presentation is expected to be made at the March board meeting and the bond allocation review should be finished by May, said Laura Wallace, investment officer. The $8.4 billion fund will review benchmarks and structural styles and overall investment objectives to determine if additional managers will be hired. Any manager searches will start in May.
Currently, the fund allocates 50% or $4.2 billion to fixed income and has three domestic bond managers and one non-U.S. manager. Callan Associates is assisting.
