New York State Nurses Association, Albany, is conducting a search for a high-yield fixed-income manager to run about $90 million. The $1.4 billion plan is adding the style as the result of an asset allocation study completed last year. It expects to hire a manager by the end of June, said Russell Niemie, chief investment officer. Meketa Consulting is assisting.
In addition, the association hired Northern Trust as custodian and to run a $185 million S&P 500 index portfolio and a $230 million midcap equity portfolio. The manager replaces Deutsche in both classes because of the custodial change.