New York City Teachers Retirement System hired three enhanced high-yield managers, said Nicole Lise, spokeswoman. Shenkman and T. Rowe Price will manage $200 million each, and Citigroup, $100 million.
Officials for the $21 billion system also retained two existing enhanced high-yield managers: W.R. Huff now runs a $250 million portfolio, reduced from $308 million, and Credit Suisse now runs $250 million, down from $311 million.
Funding comes from high-yield bond managers Alliance Capital and Loomis Sayles, whose contracts expired; they managed $225 million and $287 million, respectively. The system issued RFPs for the portfolios. The remaining $131 million from the reductions and terminated portfolios will be used to pay pension benefits.