Oakland (Calif.) Police & Fire Retirement System hired DDJ Capital Management to run between $10 million to $15 million in bank loans/high-yield fixed income, said David Sancewich, principal at Pension Consulting Alliance, investment consultant to the pension fund.
The exact allocation size has not been determined. Funding will come from rebalancing.
The other finalists were Symphony Asset Management and Wells Capital Management. An RFI was issued earlier this year.
The $476 million pension fund has a 20% target allocation to fixed income.
