West Asset Management has won a $100m (£69m) high yield bond mandate from the $90bn (£62.4bn) Teachers Retirement System (TRS) of Texas pension fund.
The mandate will be run by West's fixed income arm, Criterion Investment Management. The win brings Criterion's high yield assets under management to over $400m (£277.5m). Criterion use a bottom up fundamental bond selection style, which outperformed the Lehman high yield index by 800 basis points last year.
The firm has also added Michael Willet as a high yield analyst. Willet, who has seven years experience in the industry, previously worked for American General, Koch Capital services and Price Waterhouse.
The TRS, founded in 1937, is one of the worlds largest defined benefit plans. As of August 31, 2000, TRS had 968,000 members - 789,000 are public education employees and 179,000 are annuitants.
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