Ohio State Highway Patrol Retirement System, Columbus, terminated Western Asset Management Co. from a $22 million domestic high-yield fixed-income portfolio, said Mark Atkeson, executive director.
The $750 million pension fund terminated WAMCO to fund a non-traditional fixed-income commitment to the Credit Suisse Secured Loan Strategy of $22 million, which the board of trustees approved at its meeting on Thursday.
The board also approved a commitment of $25 million to the J.P. Morgan Strategic Income Opportunities Fund, which will be funded by reductions in allocations to the pension fund's core fixed-income managers.
The pension fund issued an RFP for non-traditional fixed income in May.
Investment consultant Hartland & Co. assisted.