Louisiana Teachers' Retirement System, Baton Rouge, hired Income Research & Management to run about $400 million in an active domestic core fixed-income portfolio, said Dana T. Brown, director of public markets, in an email.
The $26.4 billion pension fund issued a solicitation for proposals in January due to the upcoming expiration of the contracts of J.P. Morgan Asset Management and the other incumbent core fixed-income manager, PGIM Fixed Income.
TRSL's board rehired J.P. Morgan Asset Management at its March 10 meeting. At that same meeting, the board named IR&M and Invesco as finalists for the PGIM portfolio. Mr. Brown said PGIM had rebid for the services.
As of Feb. 28, the pension fund's actual allocation to domestic fixed income was 4.7%.
Separately, the pension fund committed up to $75 million to Cabot Industrial Value Fund VII, a value-added real estate fund managed by Cabot Properties, and up to $50 million to EQT X, a European buyout fund managed by EQT Partners.
As of Feb. 28, the pension fund's actual allocation alternative assets and real estate was 44.1%.
