The $4.3 billion New Mexico Public Employees Retirement Association, Santa Fe, replaced one of its four fixed-income managers and retained three incumbents following a search required at the end of a four-year contract period. BlackRock Financial was hired to run a $490 million mortgage-backed securities portfolio, replacing Smith Breeden Associates. Jeffrey W. States, director-investments, said the change was not performance-related.
Incumbents retained were Nicholas-Applegate for a $390 million active long-term bond portfolio; BZW for a $414 million core bond portfolio; and Putnam Investments for a $450 million short/intermediate fixed-income portfolio. Wilshire Associates assisted.