Delaware Public Employees' Retirement System, Dover, hired Oaktree Capital Management to run $140 million in international convertible securities.
Funding comes from terminating T. Rowe Price from a high-yield bond allocation of a similar size. No reason was given for the termination.
The change was approved at a Feb. 22 board of trustees meeting, along with the addition of $150 million to the T. Rowe Price Institutional Floating Rate bank loan strategy. A spokesman at the pension declined to comment on the total amount T. Rowe Price now runs in this allocation. That allocation will come from $100 million in cash and $50 million from a Loomis Sayles fixed-income strategy.
As of Jan. 31, the asset allocation for the $7.7 billion pension fund was 32.9% domestic equities, 18.6% global equities, 25.2% fixed income, 18.4% alternatives and 4.9% cash.