Texas Municipal Retirement System, Austin, hired Columbia Threadneedle Investments and Neuberger Berman to manage $300 million each in high-yield fixed income, said spokesman Bill Wallace in an e-mail.
Funding sources could not immediately be learned.
Separately, the pension fund invested $60 million in Redmile Capital Fund, a health-care focused hedge fund managed by Redmile Group.
The $24.3 billion pension fund has a 20% non-core fixed-income target and 10% absolute-return target.
