Oregon Public Employees Retirement System, Salem, hired Fidelity Management Trust, Alliance and BlackRock to run $1 billion each in core fixed income benchmarked to the Lehman Brothers Universal bond index. The $42 billion system is outsourcing its $10 billion fixed-income allocation as William Unverzagt, senior fixed-income investment officer, prepares to retire next year.
The system hired Wellington Management and Western Asset Management late last year to manage $1.5 billion each in the same style. Mr. Unverzagt said the remaining $4 billion will be farmed out later this year, pending board approval in May, and searches might result. The five firms were selected because of their research capabilities, he said.