SEARCHES & HIRINGS
The Florida State Board of Administration, Tallahassee, is adding high-yield bonds to its fixed-income portfolio, said Barbara Jarriel, CIO-fixed income. The $62 billion fund will commit 1.3% of assets to the bonds, she said. The fund plans on screening new managers and compiling a candidate list using the Wilshire Compass database. The search should be completed by July.
Fund officials also are still searching for an MSCI EAFE manager and a U.S. large-cap value manager. Specific amounts have not been determined. The international search should be completed in the next few weeks; the large-cap search is still in the initial screening phase. Ennis Knupp is assisting.
Rohm & Hass Co., Philadelphia, named J.P. Morgan, PIMCO and BlackRock as finalists in a search for a broad market bond manager for its $1.1 billion pension fund. The new manager will run about $100 million or one-third of the fund's $300 million bond portfolio. The new firm should be in place by the end of April, said Robert Worthington, manager of corporate finance. Frank Russell is assisting.
Carpenters Combined Benefits Funds of Massachusetts, Boston, hired Meketa Investment Group as a full-service consultant, said Bethany Woods, executive coordinator. The $800 million fund had been with Hannah Group, which also bid. Meketa will initially review the funds' long-term asset allocation and cash management strategies.