Arkansas Public Employees Retirement System, Little Rock, named three firms as finalists in its search for a core-plus fixed-income manager to run about $400 million, said Carlos Borromeo, chief investment officer, in an e-mail.
The firms — TCW Group, DoubleLine Capital and Voya Investment Management — will be interviewed at the Nov. 16 board meeting with a hiring decision anticipated at that day.
A search was launched earlier this year by investment consultant Callan Associates to reduce investment manager risk and further diversify the fixed-income portfolio. No RFP was issued.
Funding will come from one of MacKay Shields' two core-plus strategies.
The pension fund has approximately $7.6 billion in assets, and MacKay Shields manages approximately $824 million for the pension fund across both strategies.