Norwood (Mass.) Contributory Retirement System hired Columbia Threadneedle Investments to run $6 million in high-yield fixed income, said Debra A. Wilkes, executive director of the pension fund.
Meketa Investment Group, investment consultant to the $143 million pension fund, assisted with the search.
Columbia Threadneedle is replacing incumbent high-yield bond manager Oaktree Capital Management, which rebid. DDJ Capital was the other finalist.
The plan initiated the search in June because it is required to issue RFPs for new contracts every five years.