Vermont Pension Investment Committee, Montpelier, hired Guggenheim Investments to run $110 million in high-yield fixed income for the $3.6 billion Vermont State Retirement System, confirmed Stephen Rauh, chairman of the investment committee, which oversees the assets of the retirement system.
The hire, subject to contract negotiations, is the result of an invitation-only search conducted by investment consultant NEPC. The current high-yield manager, Post Advisory Group, has been on watch because of personnel changes.
Other finalists were Loomis Sayles & Co. and PENN Capital Management.
Separately, Mr. Rauh said committee members at the Aug. 27 meeting will discuss how to implement the retirement system's increased real estate target. The committee increased the target allocation to 6% from 4.5% in February as a result of its annual asset allocation review.
