North Dakota State Investment Board, Bismarck, selected Prudential Financial to run $50 million in global core-plus fixed income for the system's $1.5 billion Workforce Safety & Insurance Fund, said Executive Director Steve Cochrane. Prudential Financial already runs a $75 million private placement fixed-income portfolio for the board's $3.5 billion pension trust.
The move was made for diversification, Mr. Cochrane said. Funding will come from reducing a $150 million Lehman Government/Credit Bond index fund managed by the Bank of North Dakota. The search was handled internally.
The state investment board oversees $5 billion in total assets.