Iowa Public Employees' Retirement System, Des Moines, hired Aegon USA Investment Management to run $500 million in high-yield fixed income, according to statement by the fund.
Aegon USA replaces Post Advisory Group, which managed the money in a similar style, Judy Akre, IPERS director of communications, said in an e-mail.
“Aegon's mandate will likely be reduced in the future to provide funding” for a $350 million emerging markets debt allocation, Ms. Akre added in the e-mail.
Iowa PERS in late January issued at RFP for emerging markets managers.
The RFP is available on the Iowa PERS' website.
Proposals are due Feb. 22.
An RFP was issued last July for high-yield fixed-income managers as part of an Iowa PERS review of Post Advisory Group, because of organizational changes at the firm.
Wilshire Associates, the system's investment consultant, assisted in the high-yield search.