The New Jersey State Investment Council has increased the number of advisers for the high-yield fixed income mandate of the New Jersey Pension Fund, Trenton, to seven from five, by retaining three existing advisers and adding four new advisers.
The change was included in materials issued in connection with the Oct. 25 board meeting of the State Investment Council, which governs investment policies for the Division of Investment, the manager of the $91.4 billion pension fund.
The State Investment Council made the changes through an RFP process.
The seven advisers comprise AllianceBernstein, Nomura Corporate Research and Asset Management, PGIM, PineBridge Investments, Lord Abbett & Co., Federated Hermes and Blackstone.
Of those seven, PGIM, AllianceBernstein and Nomura were retained, while the remaining four are new managers, a spokesperson for the Office of the State Treasurer confirmed.
Contracts for the two prior advisers, Wellington Management and Hotchkis & Wiley were not renewed.
Wellington declined to comment, while Hotchkis & Wiley could not be immediately reached for comment.
The selection of seven advisers does not impact the overall allocation to high yield.
The Division of Investment received a total of 39 proposals in response to its RFP for high-yield fixed income advisers.
As of June 30, high yield comprised about $3.2 billion in assets, or about 3.5% of the fund's total assets. At that time, the fund had a 4% target allocation to high yield.
