Quincy Retirement hunting for high-yield fixed-income managers

Quincy (Mass.) Retirement System is searching for one or two managers to run a total of $25 million in high-yield fixed income.
The $837 million pension fund is seeking proposals from managers of high-yield fixed income with a minimum of $1 billion in assets under management and a five-year performance history by the same decision makers in the strategy, according to an RFP posted on the website of investment consultant Meketa Investment Group, which is assisting with the search.
The RFP does not disclose whether the current managers are invited to rebid. As of Dec. 31, Columbia Threadneedle Investments and Loomis Sayles ran $13 million each in high yield, according to the pension fund’s most recent available investment report.
As of Dec. 31, the pension fund’s actual allocation to high yield was 5%; the target is 6%.
The RFP is available on Meketa Investment Group’s website. Proposals are due at noon EDT on March 22. A timeline for a selection was not provided.
Brad Croall, executive director, could not be immediately reached for further information.