New Mexico Educational Retirement Board, Santa Fe, will select up to three fixed-income managers to handle up to a total of $1.3 billion, said Frank Foy, CIO of the $7.5 billion system. The money is currently managed in-house, but fund officials decided to hire external managers rather than replacing the fund's fixed-income manager, Rose Struck, who will retire this month, Mr. Foy said. The managers will come from a shortlist being created from results of an RFP the board issued in the fall; the shortlist will be presented to the board at its Jan. 13 meeting. The board is looking for managers to exceed the Lehman Aggregate index and possibly manage asset-backed and high-yield portfolios. Currently the system has a 17% allocation to high yield.