Oakland (Calif.) Police & Fire Retirement System is searching for a manager to run $10 million to $15 million in bank loans/high-yield fixed income, confirmed David Sancewich, principal at Pension Consulting Alliance, investment consultant to the pension plan.
The $476 million pension fund currently does not have investments with bank loan or high-yield bond managers. Funding will come from rebalancing. Interested managers need to update their strategy information with eVestment as of Dec. 31.
The RFI is available on PCA’s website. Proposals are due March 7. A hiring date is expected in April or May.
Separately, the pension fund hired Wellington Management to run $40 million in its first real-return allocation, according to minutes of the Dec. 11 board meeting. An RFI was issued in August.
Pacific Investment Management Co. and Principal Financial Group were also finalists.