New York City Police Department Pension Fund hired four enhanced high-yield bond managers, said Nicole Lise, spokeswoman. MacKay-Shields will manage $140 million; Seix, $120 million; and Shenkman and T. Rowe Price, $100 million each. Partial funding came from Credit Suisse, which managed $228 million, and W.R. Huff, which managed $175 million; their contracts expired and were not renewed. The $12.9 billion fund retained enhanced high-yield bond managers Loomis Sayles, whose $185 million portfolio was reduced to $110 million, and Alliance Capital, which ran $121 million and was reduced to $70 million. The balance of funding for the new managers came from these reductions; and the remaining $69 million will be used to pay pension benefits.
The New York City Fire Department Pension Fund also hired three new enhanced high-yield managers, Ms. Lise said. MacKay-Shields will run $80 million; and Seix and T. Rowe Price will handle $70 million each. Funding came from enhanced high-yield managers W.R. Huff, which ran $125 million, and Loomis Sayles, which handled $116 million; their contracts expired. The remaining $21 million will be used to pay pension benefits.