Massachusetts Pension Reserves Investment Management Board, Boston, hired three core fixed-income managers to run a total $600 million and agreed to commit $250 million to a Term Asset-Backed Securities Loan Facility strategy, documents from the $76 billion pension plan show.
At its May 5 meeting, the board's investment committee approved the staff's recommendation to hire three core fixed-income managers: Longfellow Investment Management Co. and Pugh Capital Management to each run $250 million, and New Century Advisors to manage $100 million. Funding will come from liquidating MassPRIM's position within a fixed-income manager-of-managers portfolio run by Progress Investment Management Co., which intends to dissolve its business by May 31. Progress invested in all three managers.
MassPRIM also agreed to commit up to $250 million to a TALF strategy managed by Loomis Sayles & Co.