Hawaii Employees’ Retirement System, Honolulu, adopted changes for four fixed-income managers Monday. Pacific Income Advisers switched to the Lehman Universal index; Bradford & Marzec, Western Asset and PIMCO switched to a custom benchmark of 85% Lehman Universal and 15% Lehman Multiverse Ex-U.S. Fully Hedged index. All four had been benchmarked to the Lehman Aggregate index. Bishop Street Capital will continue to use the Lehman Aggregate; and Oechsle International Advisors will remain benchmarked to the Lehman Multiverse Ex-U.S. Fully Hedged index. Incorrect information was reported in the May 22 P&I Daily.
San Diego City Employees’ Retirement System board reduced the minimum average credit quality of Rogge Global Partners’ entire $204 million active international core-plus bond portfolio to A from AA. Incorrect information was reported in the April 22 P&I Daily.
