Iowa Public Employees' Retirement System placed on watch Oaktree Capital Management, RREEF Securities and Western Asset Management, which manage nearly $2.1 billion combined for the Des Moines-based pension fund, according to Karl Koch, IPERS chief investment officer, in a statement.
Oaktree was cited for underperformance in a $450 million high-yield bond portfolio. Andrea Williams, Oaktree senior vice president, said the firm's officials don't comment publicly about clients.
RREEF, which manages $315 million in U.S. real estate investment trusts, was named because of organizational issues.
Western Asset Management, manager of a $1.3 billion core-plus bond portfolio, was listed because of “concerns about continuing personnel turnover at the firm,” according to Mr. Koch's statement.
Wilshire Associates, IPERS' investment consultant, assisted in the evaluation.
IPERS oversees $25.1 billion.
