New York Power Authority, White Plains, hired Garcia Hamilton & Associates and C.S. McKee as active core fixed-income managers for its $1.4 billion Nuclear Decommissioning Trust Fund, said Paul DeMichele, spokesman, in an e-mail.
C.S. McKee will manage approximately $155 million and Garcia Hamilton, $75 million.
An RFP for fixed-income managers was issued earlier this year. It could not be learned by press time whether the incumbent, J.P. Morgan Asset Management rebid. J.P. Morgan ran $229 million in core fixed income. Its contract expires on Nov. 3.
Funding for the new managers will come from J.P. Morgan.
The trust fund's target allocation to fixed income is 65%.
Also, MacKay Shields was hired to manage $62 million in active core-plus fixed income for the authority's $450 million other post-employment benefits trust, Mr. DeMichele wrote.
An RFP for a fixed-income manager for the OPEB trust was issued earlier this year. It could not be learned by press time whether the incumbent, Bradford & Marzec rebid. Funding will come from Bradford & Marzec's$62 million core fixed-income portfolio. Its contract expires on Nov. 2.
The OPEB trust has a fixed-income target allocation of 30%.