(updated with correction)
New Mexico Public Employees Retirement Association, Santa Fe, hired PIMCO and Manulife Asset Management to run a combined $700 million in active core-plus fixed income, said Joelle Mevi, chief investment officer for the $11.8 billion fund.
PIMCO will run roughly $500 million and Manulife will run about $200 million.
The hirings are part of a restructuring of the association’s fixed-income portfolio, Ms. Mevi said.
Partial funding will come from trimming $200 million from Western Asset Management’s composite fixed-income portfolio, to $450 million; $63 million from BlackRock’s core fixed-income portfolio, to $1 billion; and $266 million from Franklin Templeton’s core-plus strategy, to $400 million. The remainder will come from the termination of Loomis Sayles’ $250 million high-yield fixed-income portfolio; the system wanted the money in a core-plus strategy.
General consultant R.V. Kuhns assisted, Ms. Mevi said.