Wisconsin State Investment Board, Madison, hired five fixed-income managers to run a combined $1.6 billion. Brandywine Asset Management and Bridgewater Associates will run $350 million each in global; Loomis Sayles, $300 million in U.S. and Canadian high yield; Grantham, Mayo, van Otterloo, $300 million in emerging markets; and Capital Guardian, $300 million in global high yield and emerging markets.
Also, the $62.8 billion system added $200 million to Citigroup Asset Management's global high yield and emerging markets fixed-income portfolio, raising its total to $300 million.
Funding will come from rebalancing equities and from a national private debt portfolio that the board has been gradually liquidating, said Vicki Hearing, public information officer. That portfolio now has $400 million.