Worcester (Mass.) Retirement System is searching for multiasset credit managers to run a total of about $32 million.
The $1.4 billion pension fund is seeking proposals from managers of multiasset credit strategies with a reference benchmark of 50% ICE BofAML U.S. High Yield/50% CS Leveraged Loan index or a similar benchmark of 50% high yield and 50% bank loans, according to a search notice on the website of investment consultant Meketa Investment Group, which is assisting with the search.
The notice does not provide a reason for the search, whether there is a current manager or whether that firm is invited to rebid.
According to its most recent available investment report, as of March 31, 2024, Loomis, Sayles & Co. managed a $21 million high-yield bond portfolio and $9 million bank loan portfolio for the pension fund.
The RFP is available on the DiligenceVault procurement website. Registration is required. Proposals are due at noon EDT on April 1. A timeline for a selection was not provided.
Lisa Poske, executive secretary of the pension fund, could not be immediately reached for further information.
