Seattle City Employees Retirement System today launched a search for domestic core and core-plus fixed-income managers to run $500 million currently managed by five firms, moving it up from the projected search date in June, said Mel Robertson, assistant executive director.
The $1.5 billion fund is expected to hire two or three managers, he said.
Incumbents that will be invited to compete in the open search: active domestic fixed-income managers Vanderbilt Capital Advisers, which runs $120 million for the fund; PIMCO, $127 million; GW Capital, $35 million; and Pugh Capital Management, $35 million. Also invited will be Barclays Global Investors, which manages $30 million in indexed fixed income, Mr. Robertson said. The remainder will come from assets managed in-house.