Iowa Public Employees' Retirement System, Des Moines, is searching for an active domestic high-yield fixed-income manager to run $300 million. Any firm that meets the minimum requirement in the RFP may submit a proposal; the $15.8 billion system is also using a shortlist of high-yield managers screened through Wilshire Associates' manager database. The funding source could not be learned by press time.
The performance objective is to exceed, net of fees, the return of the Citigroup High Yield Cash Pay Capped index by 100 basis points annually over a five-year period, according to the RFP.
Members of the Iowa PERS evaluation committee hope to interview finalists in August and make a selection in September. Wilshire is assisting.
RFPs are available at www.ipers.org; proposals are due at 3 p.m. CDT May 14.