Marlborough (Mass.) Contributory Retirement System rehired Shenkman Capital Management to run about $10 million in high-yield fixed income.
The $195 million pension fund's board voted to rehire the manager at its Oct. 25 meeting, recently released meeting minutes show.
The pension fund issued an RFP in August. There were no finalist presentations.
As of Sept. 30, the pension fund's actual allocation to high yield was 8.4%; the target is 5%.
Investment consultant Meketa Investment Group assisted.
Nathaniel Chen, the pension fund's assistant director, referred questions to the minutes.