Rhode Island Employees Retirement System, Providence, hired MacKay-Shields and Shenkman Capital Management to manage $125 million each in high-yield fixed income, said Bill Bensur, the Wilshire Associates consultant who assisted. Funding came from terminating Loomis Sayles, which managed $250 million in a combination high-yield/convertible bond portfolio, for performance.
Chris Lazzaro, spokesman for Loomis Sayles, said it is the companys policy not to comment on client-related matters.
Separately, the $5.8 billion system likely will conduct a routine review of its strategic asset allocation targets after completing an actuarial valuation for the fiscal year ended June 30, he said. "Were always looking at the targets to make sure they make sense for the ongoing operations of the fund.