Kansas PERS Selects Two New FI Managers to Replace Wamco

The Kansas Public Employees Retirement System (PERS) is bringing in two new high-yield fixed-income managers as the pension prepares to terminate its mandate with Western Asset Management and rebalance its policy benchmarks, including that of its non-core FI program.

In a recent memorandum to the investment committee, CIO Bruce Fink recommended the hiring of Nomura Corporate Research and Shenkman Capital, as approved by Kansas PERS general consultant Meketa, to manage the pension’s high-yield FI portfolios. The managers will receive an initial allocation of up to $450M each to come from the pension’s redemption of investments from Wamco, as well as the CIO’s additional recommendation to change the non-core FI target allocation to 10%.

Dakota earlier reported on September 17 a proposal from Meketa to decrease the Kansas retirement system’s non-core FI benchmark to 8% from 12%. As of September 12, the overall fixed income program of the state pension represents a current allocation of 25% against the initial target weight of 20%.

Written By: Dakota

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