US pension fund Plymouth County Retirement Association (PERACS), part of the Massachusetts Public Employee Retirement Administration Commission, has issued requests for proposals for two debt managers, according to its website.
The first solicits approaches from US high yield bond managers, who would oversee up to 4 percent of the $665 million pension fund’s portfolio, equating to about $27 million, it said.
The second requests proposals from emerging markets bond managers for the possible award of 4.5 percent of the system’s portfolio, equating to $30 million.
Both proposals are due by 27 February, the pension fund said.
Franklin Templeton Investments currently oversees the pension fund’s emerging markets debt allocation, while Eaton Vance Management looks after the high yield bond portfolio. The request for proposals were issued as part of a requirement to open the account management to tender at least once every five years.  Both existing managers have been reportedly invited to rebid.