The PBGC is searching for an additional fixed-income manager, in keeping with its investment policy, announced late January, of increasing its fixed-income exposure. It issued an RFP March 9; the deadline for responses is May 7. The agency plans to have a new manager on board by mid- to late summer, according to a spokesman.
The PBGC's investment policy includes reducing the equity exposure from 37% of its $34.8 billion in assets to between 15% and 25% over the next two years. Wellington Management and PIMCO are the agency's current fixed-income managers; both firms may bid on the new mandate.