Louisiana Teachers Retirement System, Baton Rouge, early next month will interview Stone Harbor Investment Partners and incumbents Shenkman Capital Management and Fountain Capital Management, finalists to run high-yield fixed income for the $14.5 billion system, said CIO Bob Leggett.
The four current high-yield managers currently run a total of about $100 million. An RFP was issued in July. The systems board decided to do the searches because it had been about five years since it last searched for high-yield fixed-income managers and because the board wants only one high-yield manager.
The systems other high-yield fixed-income managers, Nicholas-Applegate Capital Management and Seix Investment Advisors, were invited to rebid but were not chosen as finalists.
The board will interview the three finalists Oct. 6-7.