Employees' Retirement System of Texas, Austin, hired two high-yield...

Employees’ Retirement System of Texas, Austin, hired two high-yield bond managers each to manage a new $750 million high-yield bond allocation stemming from last year’s asset allocation review. Trustees of the $18.8 billion fund approved hiring American General Investment Management to handle $500 million and Fountain Capital Management to run $250 million. The funding came from an internally managed $7 billion domestic fixed-income portfolio.