USA - The US$153.2bn California Teachers' Retirement System (CalSTRS) has awarded new fixed-income mandates to seven managers and appointed a further 12 to a "pre-approved list" of backup managers, Global Pensions can exclusively reveal.
Western Asset Management, LM Capital Group, Fidelity Management Trust, Aberdeen Asset Management, and Julius Baer Investment Management were selected to run core-plus portfolios.
BlackRock and Goldman Sachs Asset Management were awarded high yield bond portfolios.
A spokesperson at CalSTRS said no dollar amounts were specified.
On the core-plus pre-approved list of backup managers is: TCW, PIMCO, Delaware Investments, Lehman Brothers Asset Management, Brown Brothers Harriman and Putnam Investments.
Nomura Corporate Research and Asset Management, Wells Capital Management, Metropolitan West Asset Management, E.H. Williams Capital Management and Lehman Brothers make up the list of backup high yield managers.
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