Cambridge (Mass.) Retirement System hired Mesirow Financial to manage about $80 million in active high-yield fixed income and Marathon Asset Management to run about $23 million in active emerging markets debt (hard currency).
The $1.7 billion pension fund's board approved the hirings at its Oct. 26 meeting, recently released meeting minutes show.
The pension fund issued an RFP for a high-yield manager in April. Incumbent manager Loomis Sayles and MacKay Shields were the other finalists.
The pension fund has also issued an RFP for emerging markets debt managers in April, one local currency manager and one hard currency manager to run about $23 million each The board at its Aug. 29 meeting already voted to rehire incumbent local currency manager Wellington Management without conducting finalist interviews.
For the hard currency portfolio, the other finalist was current manager Fidelity Investments.
Investment consultant Segal Marco Advisors assisted.
