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.
By Geoffrey Ho
Here it is... The video of all the highlights from last night's UK Pensions Awards.
Here they are...all the pictures from the UK Pensions Awards 2019.
This week's top stories included The Pensions Regulator criticising Sir Philip Green's latest plans for the Arcadia pension schemes.
The trustees of the beleaguered industry-wide Plumbing and Mechanical Services (UK) Industry Pension Scheme have confirmed it will close to accrual in June.