Louisiana Municipal Police Employees Retirement System, Baton Rouge, named three finalists in its invitation-only search for the pension fund’s first bank loan manager to run between $50 million and $55 million, said Kathy Bourque, director.
The $1.8 billion pension fund named Pacific Asset Management, Sankaty Advisors and THL Credit as finalists that will present at the pension fund’s Jan. 21 board meeting, with a hiring decision expected shortly thereafter.
Funding will come partially from cash and partially from the portfolio of active domestic high-yield bond manager Post Advisory Group, which ran $83 million until being terminated earlier this year due to personnel changes at the firm.
The pension hired Guggenheim Investments in October to replace Post Advisory Group, but that manager will run between $50 million and $55 million.
Investment consultant NEPC is assisting.