San Bernardino County (Calif.) Employees Retirement Association is searching for at least one international credit manager with attractive risk-adjusted opportunities, confirmed Don Pierce, investment officer for the $6 billion association.
The managers will run a total of $300 million as part of a 5% allocation to international credit that was approved in May, with funding coming from equities, Mr. Pierce said.
The board is keeping the search rather broad, Mr. Pierce said. According to the RFP, the system is looking for best ideas from long-only strategies that invest in bank loans, subordinated debt, ABS, MBS, and other floating rate, short-term and structured instruments to approaches using short-selling, leverage and derivatives in a risk-controlled manner.
Equity instruments are not expected to be sizable in the mandate but may be used if a compelling case exists.
The RFP is available on consultant NEPCs website at http://www.nepc.com/about/news_detail.php?id=59. Proposals are due by Oct. 10. A selection will most likely not be made until March, Mr. Pierce said.