PNM Resources Inc., Albuquerque, N.M., hired Seix Investment to run $18 million in high-yield fixed income, a new investment for the $375 million pension plan, said Ed Jeung, director of trusts and corporate investments. Funding came from rebalancing the fixed-income allocation and from reducing domestic equities, Mr. Jeung said. He could not provide further details.
Separately, Adams Street, Abbott Capital and WestAM were named finalists in the plan's search for a private equity fund-of-funds manager to run $18 million, said Mr. Jeung. A selection is expected by the end of July. Funding will come from the domestic equity reductions, he said.
The system is also conducting a shortlist search for a manager to run $40 million in the system's first hedge fund-of-funds, said Mr. Jeung. A selection may be made by the end of the third quarter, Mr. Jeung said. Funding will also come from the domestic equity reductions.
Watson Wyatt Investment Consulting is adviser.