US - The US$18.5bn Iowa Public Employees' Retirement System (IPERS) has awarded Principal Global Investors a US$1.1bn fixed income mandate.
The fund, which allocates 22% of its entire portfolio to core plus fixed income, selected Iowa-based Principal as one of its three core plus fixed income managers.
The brief will be benchmarked to the Lehman Universal Index.
“Principal Global Investors has a highly qualified team that impressed us,” commented Donna M. Mueller, CEO of IPERS. “We look forward to working with them.”
Principal beat ten other companies to secure the contract, the fund said.
The appointment was approved by the IPERS Board following a tender process.
Post Advisory Group, an affiliate of Principal, manages a US$300m high yield mandate for IPERS.
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