Iowa Public Employees’ Retirement System, Des Moines, plans to issue an RFP July 1 for high-yield fixed-income managers to run a total $500 million, according Karl Koch, chief investment officer.
The $22.5 billion system will use the RFP process as part of a comprehensive review of Post Advisory Group, which manages high-yield bonds for IPERS, Mr. Koch said in a statement. Pension fund staff will evaluate whether the system should retain Post Advisory as a high-yield manager.
System officials authorized the search because of an organizational change at Post Advisory.
The number of managers the system might hire was unavailable.
Wilshire Associates, the system’s investment consultant, will assist in the search.
A time frame for making a decision wasn’t available.