Louisiana Municipal Police Employees Retirement System, Baton Rouge, hired Pacific Asset Management to run $41 million as its first bank loan manager, said Kelli Rogers, chief financial officer.
Funding comes from cash and the $1.8 billion pension fund’s termination last year of active domestic high-yield bond manager Post Advisory Group due to personnel changes at the firm. That termination also partially funded new high-yield manager Guggenheim Investments, which is running between $50 million and $55 million.
Other finalists were Sankaty Advisors and THL Credit.
Investment consultant NEPC assisted.