Alaska Retirement Management Board, Juneau, hired Eaton Vance Management and Columbia Threadneedle Investments to manage up to $200 million each in high-yield fixed income, pending successful contract and fee negotiations, said a board meeting summary provided by Judith Hall, liaison officer.
A search for high-yield fixed-income managers was launched earlier this year.
Funding will come from MacKay Shields, which managed $625 million in a similar strategy as of June.
It could not immediately be learned whether the manager was terminated or its allocation reduced. The firm was placed on watch in June for performance. A MacKay Shields spokeswoman declined to comment on the firm’s watch status at the time.
The Alaska board oversees more than $29 billion in retirement assets.