Louisiana Sheriffs' Pension & Relief Fund, Baton Rouge, hired Ashmore Investment Management and Guggenheim Investments to run $25 million each in active high-yield and emerging markets debt, respectively, confirmed Osey “Skip” McGee Jr., executive director.
The $2.3 billion pension fund conducted an invitation-only search in February in an effort to further diversify its fixed-income allocation. It is the first time the pension fund has hired high-yield and emerging markets debt managers.
Mr. McGee said in a telephone interview that the pension fund eventually hopes to allocate up to $50 million to each of the managers. Funding will come from other fixed-income managers; no managers will be terminated.
Investment consultant Russell Investments assisted.