Alaska State Pension Investment Board, Juneau, hired ING Investment Management and MacKay Shields to run $100 million each in high-yield bonds, representing the first move into the asset class. Funding will come from rebalancing.
Separately, the $12.3 billion board will search for corporate governance and active international equity managers, said Gary Bader, CIO. Callan Associates will handle both searches. The board plans to allocate $300 million to a "proactive governance" manager, which will see value within companies and pursue strategies to release them. It's the first time that the fund will invest in that style. A selection is slated for February. The fund also will seek a manager to take over a $356 million active international equity portfolio run by Bank of Ireland Asset Management, which was terminated for performance, Mr. Bader said. Bank of Ireland officials were unavailable for comment. The board plans to review finalists at its March meeting.