Maryland State Retirement and Pension System, Baltimore, hired Western Asset Management and Payden & Rygel to run $1.5 billion and $1 billion, respectively, in active domestic core-plus fixed income, confirmed Joe Coale, spokesman. Funding will come from a Lehman Aggregate bond fund run by State Street Global Advisors and from an internal fixed-income portfolio. Further details on the funding could not be obtained by press time. The $24.6 billion system still manages $2 billion in fixed income internally.
The hirings are the result of an asset allocation review conducted by consultant Ennis Knupp.