Cincinnati Retirement System yesterday authorized consultant Salomon...

Cincinnati Retirement System yesterday authorized consultant Salomon Smith Barney to begin working on search criteria for its first high-yield bond manager to run up to $80 million and expects to approve the criteria at its Aug. 10 investment committee meeting, said Jack Walsh, fund manager. No RFPs will be issued, he said; instead, the consultant will recommend candidates. The search is being undertaken to diversify the $2.5 billion fund, he said. Funding will come from reducing the portfolios of large-cap value U.S. equity managers Ark Asset Management, Bartlett & Co., Gradison-McDonald and Oppenheimer Capital, he said. Portfolio sizes were not available. Performance is not an issue, he added. No timetable was set for completion.