Maine State Retirement System, Augusta, selected three bond managers, each expected to receive $200 million for core U.S. bond portfolios. Chosen were: Loomis, Sayles; Standish, Ayer & Wood; and TCW. Each firm will have some discretion to invest abroad or in such other areas as high-yield bonds, said Kay Evans, executive director of the $5.6 billion fund. Their investment selection will be limited by specific guidelines, she said.
Funding will come from a reduction in the system's U.S. bond index funds and some cash. No manager terminations are involved.