St. Louis City Employees' Retirement System selected Loomis Sayles, PENN Capital Management and Fort Washington Investment Advisors as finalists in its search for the system's first passive domestic high-yield fixed-income manager, to run about $16 million, confirmed Richard Olliges, accounting officer.
The board of $620 million system will interview representatives from each firm in January or February, depending on availability, and a decision is expected the same day as interviews, Mr. Olliges said in a telephone interview.
An RFP was issued in October.
The allocation is in the system's fixed-income portfolio, and will likely be funded from rebalancing. The fixed-income portfolio has a target allocation of 25%.