Municipal Fire & Police Retirement System of Iowa, Urbandale, is searching for a tactical fixed-income manager to run $38 million, said Dennis L. Jacobs, executive director and CIO. The manager will have wide latitude in diversifying among high-yield, emerging-markets, core and other fixed-income styles, Mr. Jacobs said. He expects the $1.4 billion system will set limits during contract negotiations on the amount the manager can allocation to any sector. Funding will come from terminating GoldenTree Asset Management, which manages the money in high yield; GoldenTree is no longer managing long-only high yield. System officials believe tactical fixed income offers opportunities for better returns than high yield alone, Mr. Jacobs said.
System officials hope to make a selection by the end of April. Summit Strategies is assisting.