CalPERS plans to approve eight new high-yield fixed-income managers to be placed on the list of approved external fixed-income managers.
Non-investment-grade bond managers are Artio Global Management, JPMorgan Asset Management, Logan Circle Partners, Putnam Investments, RiverSource Institutional Advisors and Simran Capital Management. Leveraged loan managers are ING Investment Management, TCW Group and RiverSource, according to a staff memo to the committee posted on the pension funds website.
The hirings are pending approval by the California Public Employees Retirement Systems investment committee on Monday. The managers all responded to an RFP approved by the committee in December. They might not be funded immediately, according to memo.
The pension fund invested $1.1 billion in externally managed high-yield bonds as of June 30.
Staff also plans to issue RFPs for a pool of general pension consultants on Oct. 31 and a private equity consultant on Nov. 14, according to another memo to the committee. The committee originally approved the searches on Sept. 15.
Separately, CalPERS total equity assets are down 25% since Aug. 31, according to data posted on the pension funds website. Global equity assets totaled $90.7 billion on Oct. 13, down from $121.1 billion on Aug. 31. Total assets are down 16%, to $195.7 billion on Oct. 13 from $233.4 billion at the end of August.