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Check Out The Ongoing And Potential Searches For High-Yield, CDO And Distressed Debt Managers July 18, 2008

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Kristen Haunss at (212) 224-3990, or fax (212) 224-3602.
New Searches

Fund Info Asset Size Fund Type Assignment Mandate Size Consultant Comments/Firm Hired
Anne Arundel County Retirement System USD1,500 Public D.B. US / Alternative
USD5 NEPC The fund plans to invest USD5 million in distressed debt and will

/ Distressed Debt hire a manager with the aid of its incumbent consultant, NEPC.

The move is part of long-term plans by the scheme to diversify

its mix and invest 4% or USD60 million in alternatives.

New York City Police Retirement System USD21,000 Public D.B. US / Active
N/A Strategic Investment
The fund issued a request for proposals for a fixed income

Fixed-Income Solutions investment management services hire. The request can be

downloaded from the RFP link. All proposals are due by

July 15, 2008.
Kern County (Calif.) Employees
USD2,800 Public D.B. US / Passive Fixed- USD85 Wilshire Associates The system is scheduled to discuss a recommendation to hire

Retirement Association Income / Treasury
State Street Global Advisors for a domestic USD85 million TIPS
Inflation Protected

index portfolio at its July 9 board meeting.
Securities Index
Teachers’ Retirement System of Louisiana USD15,200 Public D.B. US / Active Fixed- USD100 Hammond Associates The fund will issue an RFP for a high-yield manager to run about

Income / High-Yield USD100 million. It uses Fountain Capital Management, Nicholas-
Applegate Capital Management, Seix Investment Advisors and

Shenkman Capital Management as incumbent high-yield

managers. Possible due date for the proposals is Aug. 15, 2008.

Windsor Pension & Life Assurance Scheme GBP160 Corporate D.B. UK / Active Fixed- GBP48 Jagger & Associates The scheme is seeking external manager for U.K coporate bonds
Income / Corporate Bonds for 30% of its total portfolio as it switches from passive to

active portfolio management. The fund is looking to diversify its

portfolio and enhance returns. Simon Jagger of Jagger &

Associates is assisting with manager searches in consultation

with Chairman of the trustees Simon Davis. The scheme will

shortlist and interview managers by Sept.

Windsor Pension & Life Assurance Scheme GBP160 Corporate D.B. UK / Active Fixed- GBP12 Jagger & Associates The scheme is seeking external manager for high yield bonds for

Income / High-Yield 7.5% of its total portfolio as it switches from passive to active

portfolio management. The fund is looking to diversify its

portfolio and enhance returns. Simon Jagger of Jagger &

Associates is assisting with manager searches in consultation

with Chairman of the trustees Simon Davis. The scheme will

shortlist and interview managers by Sept.

Devon County Council Pension Fund GBP2,200 Public D.B. Global / Active
GBP300 bfinance, London The scheme has tendered for a global fixed-income mandate of

Fixed-Income GBP300 million. It is seeking one or more managers on a pooled

or segregated basis for generating returns of approximately

+0.75% to +1.25% per annum (gross of fees) vs. Lehman Global

Aggregate. bfinance is running the tender process on schemes

behalf, which is closing on July 14, 2008.
San Bernardino County (Calif.) Employees
USD6,200 Public D.B. Global / Active
N/A NEPC, Redwood City, CA The fund plans to seek three to four managers in the third

Retirement Association Fixed-Income quarter of 2008 for its fixed-income portfolio. It recently

increased its commitment to the asset class to 12% from 7%.
San Bernardino County (Calif.) Employees
USD6,200 Public D.B. US / Active Fixed-Income N/A NEPC, Redwood City, CA The fund may seek three to four fixed-income managers in the

Retirement Association third quarter of 2008. It recently increased its allocation to the

asset class to 16% from 14%.
Texas Prepaid Higher Education Tuition
USD2,300 Public D.B. US / Active Fixed- N/A NEPC, Detroit, MI The fund issued a request for proposals for a bank loan manager.

Board Income / Bank Loans the RFP can be downloaded from the RFP link. The proposals

were due June 23 with a selection by Sept. 1, 2008.
Maryland State Retirement & Pension
USD39,800 Public D.B. US / Passive Fixed- N/A Ennis Knupp + Associates,
The fund increased its TIPS allocation to 5% from 2% and will

System Income / Inflation-Linked Bonds Chicago, IL seek managers later this year.
New York City Retirement Systems,
USD106,000 Public D.B. US / Active Fixed-Income N/A Unknown The fund has issued a request for proposals seeking investment

managers to run sector-specific fixed income portfolios. The RFP

can be downloaded from the RFP link. All proposals are due by

July 15, 2008.
Orlando General Employees Pension Plan USD170 Public D.B. US / Active
N/A Kalson & Associates,
Finalists AXIA Investment Management, Jennison Associates

Fixed-Income / Core Washington Crossing, PA LLC, Lord Abbett & Co. and Reams Asset Management recently

made presentations to the Firefighters and Police Pension Board.

A decision was expected by the end of June. The search was

conducted by consultant, Kalon & Associates and no RFP

was issued.
The Office of the Vermont State Treasurer N/A Public D.B. US / Active Fixed- N/A Unknown The fund issued a request for proposals for short-term money

Income / Money Market market investment funds. Go to details to download a copy of the

RFP. The proposals are due by Nov. 5, 2008.
El Paso City Employees Pension Fund USD488 Public D.B. US / Active Fixed- N/A Mercer , New York, NY The fund is seeking a manager for a first time allocation.

Income / High-Yield Interested parties should contact Mercer. There isn’t a time frame
for completion.
Contra Costa County Employees
USD5,000 Public D.B. US / Active Fixed- N/A Milliman USA,
The board, pending the successful completion of due diligence

Retirement Association Income / Core-Plus San Francisco, CA and contract negotiations, may hire Lord Abbett & Co. and

Goldman Sachs. Western Asset Management, which handled the

mandate, will be terminated for poor performance. The board has

not yet determined the allocations to the asset managers and the

size of Western AM’s mandate could not be ascertained.
Missouri State Employees’
USD8,000 Public D.B. US / Active
USD800 Summit Strategies Group,
The fund approved a 10% of its total assets addition to credit

Retirement System Fixed-Income St. Louis, MO investments and will consider investments run internally and by

external managers. The funding will come from reducing public

equities.
Next Group Pension Plan GBP360 Corporate D.B. UK / Passive Fixed- N/A bfinance, London The scheme has decided against increasing its bonds allocation

Income / Government Bonds over the short run as its trustees believe the timing is not right.

Wrigley Company Pension & Life
GBP91.20 Corporate D.B. Global / Active
N/A Towers Perrin, London The scheme has terminated Legal & General Investment

Insurance Plan (The) Fixed-Income Management in charge of bonds as the scheme moves into

passive management. The effort comes due to cost and

performance issues.

Kansas Public Employees Retirement
USD14,100 Public D.B. US / Active
N/A Unknown The fund will issue an RFP for a manager to run a portion of an

System Fixed-Income /
USD250 million portable alpha mandate. The RFP will appear on

Portable Alpha the system’s Web site at http://www.kpers.org/procurement.htm.

The current portable alpha portfolio is run by Nomura Asset

Management and Payden & Rygel. The managers will not be

terminated.
OCE (UK) pension scheme GBP130 Corporate D.B. Global / Active
N/A Xafinity Consulting, Berkshire The scheme may invest in bonds or bond-like products such as

Fixed-Income swaps to increase exposure to the asset class. Xafinity

Consulting’s Harvey Kember, based in Reading, is assiting with

the manager search and can be contacted by e-mail only at

harvey.kember@xafinityconsulting.com. The fund will not

entertain any calls from managers.
Sanibel General Employees’
USD12 Public D.B. US / Active Fixed-Income USD3 Dahab Associates,
The system has issued an RFP for a domestic fixed-income

Retirement System Franklin, MA manager, which can be downloaded from the RFP link. All

proposals are due on April 11, 2008.
The Hershey Company USD1,300 Corporate D.B. Global /
N/A None The fund plans to adopt liability-driven investments for the first

Active Fixed-Income time after conducting its asset allocation and asset-liability

matching studies during the second quarter of 2008. It believes

the strategy will further diversify its asset mix and boost returns,

as it currently invests in equities at 75%. It is likely to hire

additional managers for the LDI exposure.
Massachusetts Pension Reserves
USD54,200 Public D.B. US / Active Fixed- USD540 Cliffwater, LLC,
The fund is searching a high-yield manager to invest in bank

Investment Management Board Income / High-Yield Santa Monica, CA loans. The manager selections are expected between July 1 and

Sept. 1, 2008.
Orange County Library System USD30 Public D.B. US / Active
USD10 Kalson & Associates,
The fund will hire a manager/s in charge of USD8-10 million of

Fixed-Income Washington Crossing, PA domestic fixed-income. The scheme is targeting long-term profits

with plans to fund the allocation from its mutual funds exposure.

Sara Lee Corporation USD1,200 Corporate D.B. US / Active Fixed- N/A None The fund for the first time is seeking to add liability-driven

Income / Long Duration investments to its portfolio during the second quarter this year.
Workers Compensation Board of Alberta
CAD2,800 Permanent Fund Canada / Asset Study N/A Brockhouse & Cooper,
The scheme is conducting an asset allocation study. It invests in

Montreal, QE fixed-income at 39%, equity at 43% to include domestic equity

(9%), global equity (30%) and emerging markets shares (4%), real

estate at 8%, real return bonds at 8% and infrastructure at 2%.
Cranston Print Works Co. USD89.60 Corporate D.B. US / Active Fixed- N/A State Street Global Advisors,
The fund is actively analyzing liability-driven investment strate
Income Boston, MA gies with plans to eventually add the asset class to its portfolio.

Dixons Retirement and Employee
GBP696.30 Corporate D.B. Global / Active
GBP209 Watson Wyatt, London The fund is currently reviewing its bonds portfolio comprising

Security Scheme Fixed-Income 30% of its total assets, managed by Legal & General Investment

Management and BlackRock. The time frame for completion of

the review is not known.

Hardin Memorial Hospital USD41.90 Corporate D.B. Global /
N/A Unknown The fund is planning to analyze liability-driven investment

Active Fixed-Income strategies for the first time. It will make a final decision for the

investment pending asset study results next month. It actively

invests in fixed interest at 43%.

International Paper Co. USD8,500 Corporate D.B. Global / Passive
N/A Rocaton Investment Advisors,
The plan is seeking managers to implement new allocations to

Fixed-Income /
Norwalk, CT Treasury inflation-protected securities. It plans to make

Inflation-Linked Bonds selections during the first quarter of this year. Interested firms

should contact consultant, Rocaton Investment Adivsors.

Mandate sizes have not been disclosed.
Northern Virginia Regional Park Authority
USD34 Public D.B. US / Active
USD7 Segal Advisors, Boston, MA The fund is seeking managers to handle its domestic core

Retirement Plan Fixed-Income / Core fixed-income allocation, benchmarked to the Lehman Aggregate

index. Proposals are due by Jan. 22, 2008.
Taylor University USD75 Endowment US / Active
N/A Ashdon Investment Analysis
The fund is currently searching for one or more fixed-income

Fixed-Income and Research,
managers and expects to review its finalists at its Jan. meeting.

Shelbyville, TN Interested parties should contact June Debatin of Ashdon

Investment Analysis and Research.
Florida State Board of Administration USD187,500 Public D.B. US / Active
USD12,170 Unknown The fund directed to issue an RFP for investment management

Fixed-Income firms to manage the Local Government Investment Pool for

approximately USD10.17 billion for its high-quality investment

fund and USD2 billion in default or under financial distress

investments. The RFPs were announced at the Dec. 11 meeting.

No further details are available.
Fresno (Calif.) City Employees Retirement
USD2,000 Public D.B. US / Active Fixed- USD130 Wilshire Associates,
The fund has decided to put the search on hold for several

System Income / Core Santa Monica, CA months to await the completion of its asset allocation study.

Goldman Sachs Asset Management and Western Asset

Management are the finalists.
Oklahoma Tobacco Settlement Endowment
USD380 Endowment US / Active Fixed- USD40 New England Pension
The board is expected to approve the issuance of an RFP in

Trust Fund Income / High-Yield Consultants,
February. The contract of its incumbent manager, Post Advisory

Cambridge, MA Group, expires in 2008. Interested parties should contact New

England Pension Consultants. The selection process is expected

to finalize by June.
Oklahoma’s Economic Development
USD160 Endowment US / Active Fixed-Income N/A gregory.w.group,
The plan will issue an RFP after completing searches for its

Generating Excellence Tulsa, OK passive equity and international active equity allocations.
Michigan Department of Treasury USD60,700 Public D.B. US / Alternative /
N/A Credit Suisse First Boston,
Plan hired alternative administrator, Peter Woodford, and he’s

Distressed Debt New York, NY looking at a couple of unidentified distressed debt strategies

that he expects to allocate to.
Richmond Retirement System USD529 Public D.B. US / Active
N/A RogersCasey,
Consultant conducting an invitation-only search. Incumbents will

Fixed-Income / Core Chicago, IL not necessarily be replaced, system wants to see if new

managers would ‘enhance returns’.
Richmond Retirement System USD529 Public D.B. Global / Active
N/A RogersCasey,
Consultant conducting an invitation-only search. Incumbents will

Fixed-Income Darien, CT not necessarily be replaced, system wants to see if new

managers would ‘enhance returns’.
Employees Retirement System
USD24,000 Public D.B. US / Alternative
USD3,400 Altius Associates Limited,
Will commit USD3.4 billion to private equity in the next five

of Texas Richmond, VA years and will seek to make yearly commitments of

USD620-780 million. 10% will be allocated to venture capital,

60% to buyouts, 25% to special situations, 2.5% to subordinated

debt and 2.5% to distressed debt.
Teachers’ Retirement System of
USD15,700 Public D.B. US / Active Fixed- USD900 Holbein Associates,
Will likely issue an RFP in the 1Q or 2Q of 2008. Process expected

Louisiana Income / High-Yield Dallas, TX to take six months to complete. Looking to place 6% of total

assets in high yield.

Teachers’ Retirement System of Louisiana
USD15,700 Public D.B. US / Active Fixed- USD900 Holbein Associates,
Will likely issue an RFP in the 1Q or 2Q of 2008. Process expected

Income / High-Yield Dallas, TX to take six months to complete. Looking to place 6% of total

assets in high yield.

Paragon Pension Plan, West Midlands GBP52 Corporate D.B. Global / Active
N/A Mercer Investment
Looking to appoint specialist manager to replace Northern Trust

Fixed-Income Consulting, London Global Investments as it feels that multi-manager concept is out
dated. Have already reached shortlist stage. Fund not open to

receiving any calls.

International Flavours & Fragrances
GBP55 Corporate D.B. Global / Active
GBP10 Lane Clark &
Will tender in next three months.

(GB) Ltd. Pensions and Life
Fixed-Income Peacock, London
Assurance Scheme
International Flavours & Fragrances
GBP155 Corporate D.B. Global /
GBP20 Lane Clark &
Will tender in next three months.
(GB) Ltd. (Bush Boake Allen Scheme) Active Fixed-Income Peacock, London
George Washington University USD1,000 Endowment US / Alternative (All) N/A Unknown Seeking distressed debt managers with exposure to

collateralized debt obligations, collateralized loan obligations,

high-yield, distressed bank debt and other assets.

London Borough of Lambeth
GBP727 Public D.B. Global / Active
GBP60 bfinance, London, UK Selection process still going on. Timeframe for completion

Superannuation Fund Fixed-Income not known.
New York City Retirement Systems
USD87,000 Public D.B. US / Active
N/A Unknown RFP, which describes proposal submission is available at

Fixed-Income (http://www.comptroller.nyc.gov/) by selecting Asset

Management then RFPs.

San Bernardino County (Calif.)
USD6,000 Public D.B. US / Alternative /
USD15 Unknown Has set aside an additional USD15 million for investment in

Employees Retirement Association Distressed Debt late 2007 or early 2008.
Strathclyde Number 3 Fund GBP100 Public D.B. UK / Active
N/A Hymans Robertson,
Will seek specialist managers which will tailor durations to the

Fixed-Income London, UK funds liabilities. No timeframe for search.
Orange County Employees
USD6,400 Public D.B. US / Active Fixed- N/A Unknown Will seek manager after increasing allocation to 7% from 5%.

Retirement System Income / Absolute Return Further details have not been determined.
Pennsylvania Public School Employees
USD62,000 Public D.B. US / Active
USD3,286 Wilshire Associates Plan is opportunistically seeking to reach its 22% target fixed-
Retirement System Fixed-Income income allocation. Fund is currently at 16.7% with exposures to

domestic fixed income, Treasury inflation-protected securities

global bonds and high-yield.

Associated British Foods Pension
GBP2,300 Corporate D.B. Global / Active
N/A Mercer Investment
In the process of appointing two managers who would be taken

Scheme Fixed-Income Consulting, London, U.K. over from either BlackRock or Baring Asset Management.

Pursuing an aggressive higher return strategy. Final stages of

selection. Appointment to be announced soon.
Jacksonville (Fla.) City Employees
USD1,700 Public D.B. International / Active
USD85 Merrill Lynch Consulting
Will seek international fixed-income managers that can invest

Retirement System Fixed-Income Services Group,
in both developed and emerging market countries. Interested

Jacksonville, FL, U.S. parties should contact Merrill Lynch Consulting Services Group.
San Bernardino County (Calif.) Employees
USD5,700 Public D.B. US / Alternative
USD45 New England Pension
Consultant is conducting invitation-only search.
Retirement Association Hedge Funds /
Consultants, Cambridge,

Distressed Debt MA, U.S.
United Technologies Corp., Hartford USD16,000 Corporate D.B. US / Active Fixed- USD800 Ennis Knupp + Associates,
Preparing to start a portable alpha liability-driven investment

Income Chicago, IL, U.S. strategy. Plans to invest in strategies that are more benign and

less volatile than market neutral and GTAA to limit risk. No

timeframe for hiring managers.
David and Lucile Packard Foundation USD9,800 Foundation US / Active Fixed- USD0 Unknown Will seek managers after hiring its first CIO. Timetable has

Income not been set.
Illinois State Teachers Retirement
USD36,500 Public D.B. Global / Passive
N/A R.V. Kuhns & Associates,
Board approved search for a TIPS manager. Interested parties

System Fixed-Income / Portland, OR, U.S. should contact consultant.
Inflation-Linked Bonds
Pennsylvania Public School Employees
USD61,000 Public D.B. Active Fixed-Income USD15 Wilshire Associates Seeking an emerging manager to handle fixed-income or equity

Retirement System after terminating an undisclosed mid-cap growth manager for

poor performance.
Potential Searches
Eaton Corporation USD1,500 Corporate D.B. US / Active Fixed- N/A None The fund is looking to invest in high-yield bonds as part of

Income / High-Yield diversification efforts. It is mulling a 5% combined allocation to

real estate and high-yield investments. The scheme will use its

existing managers for the new commitments.

Eaton Corporation USD1,500 Corporate D.B. US / Active
N/A None The fund plans to invest 7% to 9% in LDI bonds and futures

Fixed-Income after its asset study in late 2008.

Jacuzzi UK Group Pension Plan GBP42 Corporate D.B. Global / Active Fixed- N/A Mercer The scheme plans to up corporate bonds while decreasing global

Income / Corporate Bonds equity. The final decision will be made by the last quarter of

2008. The scheme is looking to reduce risk at a time when stocks

remain highly volatile and the number of plan pensioners is

increasing. No further specifics on the allocation have been set.

Kraft Foods USD6,700 Corporate D.B. US / Active
USD469 None The fund plans to allocate to liability-driven investments swaps

Fixed-Income and futures. It is seeking to invest USD469 million after its asset

studies scheduled for 2009.
Leeds Building Society Staff
GBP50 Corporate D.B. Global / Active
N/A KPMG The scheme has long-term plans to increase its fixed income

Pension Scheme Fixed-Income exposure starting early next year. It is seeking diversification and

simultaneously generating good rate of returns. It has not yet set

specifics on the investment size or funding for the investment.
Target Corporation USD2,000 Corporate D.B. US / Active
USD100 None The fund plans to invest USD100 million in liability-driven

Fixed-Income investments with an eye on bonds. It will make the allocation

following its asset studies next year. The funding for the foray

could not be determined.

University of Pittsburgh USD2,300 Endowment US / Active Fixed- USD46 Cambridge Associates The scheme has plans to cut across large cap equity and invest

Income / Absolute Return in absolute return strategies at 2%. It may allocate the USD46

million mandate to external managers but no specifics have been
set. The commitment will be made on the heels of the fund’s

asset studies scheduled for the second quarter of 2009.
University of Pittsburgh USD2,300 Endowment US / Active
USD92 Cambridge Associates The scheme has plans to decrease large cap equity and invest in

Fixed-Income LDI bonds at 4% or USD92 million. It will make the allocation

following its asset studies in the second quarter of 2009.
Arizona State Retirement System USD25,800 Public D.B. US / Alternative (All) /
N/A Mercer
The scheme plans to analyze its distressed debt portfolio and

Distressed Debt may hire managers. There is no time frame for a decision.

Cargill, Inc. USD1,800 Corporate D.B. US / Active
USD72 Albourne America The fund is seeking to invest up to USD72 million to liability-
Fixed-Income driven investments and eyeing bonds for the allocation. It will

will cut down its 33% domestic equity portfolio to fund the

commitments upon completion of its asset studies in the second

quarter of 2009.

Marsh & McLennan Companies, Inc. USD4,400 Corporate D.B. US / Active
USD176 Evaluation Associates The fund plans to invest USD176 million in bonds after its asset

Fixed-Income studies scheduled for the end of 2008. The funding will come

from equity presently at 60%.

Mercers’ Company (The) GBP16 Union/ UK / Active Fixed- GBP3.52 None The scheme has long-term plans to increase its U.K. government

Multiemployer D.B. Income /
bonds exposure, while simultaneously decreasing global equities

Government Bonds starting early-2009. The initiative is part of the scheme’s strategy

to up fixed income by 22% to 50%. The fund will use its internal

resources for manager searches and will not entertain outside

calls/e-mails.
San Bernardino County (Calif.) Employees
USD6,037 Public D.B. US / Active Fixed- USD30 NEPC The system will discuss a USD30 million commitment to

Retirement Association Income / Asset Backed
Halcyon’s Asset-Backed Value Fund at its July 14 board meeting.
Securities
Wayne and Gladys Valley Foundation USD600 Foundation Global / Active
USD150 Cambridge Associates The fund has plans to divest its 25% equity allocation in bonds

Fixed-Income over the next two years. The move is part of efforts to have an

all-fixed income portfolio for risk minimization purposes. The

fund will hire external managers for the new commitments next

year and terminate its equity incumbents.

Merck & Company, Inc. USD51000 Corporate D.B. US / Active
USD2550 None The fund plans to invest USD250 million in liability-driven

Fixed-Income investments and is eyeing bonds for the overlay. The move

will follow the scheme’s triennial asset study which will be
conducted during the fourth quarter of this year.
Ricardo Group Pension Fund
USD127.87 Corporate D.B. Global / Active
USD0 Watson Wyatt, London, N/A The scheme plans to round out liability-driven investments via

Fixed-Income bonds over the long-term and as its number of pensioners

increases. It has not set specifics on the size or funding for

the allocation. The scheme uses its internal resources for

manager searches and will not entertain outside calls/e-mails.
City & Guilds Pension Scheme
USD167.21 Corporate D.B. Global / Active
USD0 Watson Wyatt, London, N/A The scheme is in initial stages of analysing liability-driven

Fixed-Income investments. It may hire a manager following the asset

review scheduled to commence by mid-2009. The scheme

will use its internal resources for searches and neither the

fund nor its consultant will entertain outside calls/e-mails.
State Universities Retirement
USD16000 Public D.B. US / Active Fixed- USD995.4 Ennis Knupp + Associates,
The system has placed Western Asset Management on

System of Illinois Income / Core-Plus Chicago, IL watch due to the underperformance of a USD506 million

core-plus mandate.
Louisiana School Employees
USD1600 Public D.B. US / Alternative (All)
USD0 Segal Advisors, Seattle, WA The scheme is planning to invest in distressed debt

Retirement System / Distressed Debt strategies in the fourth quarter of 2008.
Royal Borough of Kingston upon Thames
USD649.18 Public D.B. UK / Active
USD98.36 Mercer, London, N/A The scheme is seeking an active manager to replace UBS

Pension Fund
Fixed-Income Global Asset Management’s passive portfolio. It will shortly

tender for a U.K. bonds mandate with an objective to

outperform the iBoxx Sterling Non-Gilts Index by 0.5%.

The scheme will go through a formal tender process on the

Supplement to the Official Journal of the European Union soon

and requests no calls/e-mails from asset managers till then.
Austin (Texas) Police Retirement Fund USD506 Public D.B. US / Active
USD0 Consulting Services Group,
The scheme has increased fixed income allocations to 25%

Memphis, TN from 20%, by reducing its alternatives portfolio to 15%

Fixed-Income from 20%.
Duke Management Company USD7700 Endowment US / Active Fixed- USD220.37 None The fund has plans to add 3% of its assets to liability-driven
Income / Currency
currency strategies by year-end. The funding will come

from reducing its hedge funds allocation.
Barnardo’s Staff Pension Scheme
USD747.54 Corporate D.B. Global / Active
USD0 Lane Clark & Peacock,
The scheme is analysing liability-driven investments with plans
Fixed-Income Winchester, N/A to add the asset class to its portfolio. It will hire an asset

manager by end-2008. The scheme will use its internal

resources for searches and neither the fund nor its consultant

will entertain outside calls/e-mails.
United Technologies Corporation USD18000 Corporate D.B. US / Active
USD0 Ennis Knupp + Associates,
The fund plans to increase its allocation to liability-driven.
Fixed-Income Chicago, IL
investments, pending results of its asset studies in 2009
Cranston Print Works Co. USD89 Corporate D.B. US / Active USD2.67 Financial Architects,
The fund plans to invest up to USD2.67 million in LDI bonds

Fixed-Income Farmington Hills, MI overlay after its ongoing studies by the end of 2008.
Merced County Employees
USD510 Public D.B. US / Active
USD0 Milliman USA, Seattle, WA The fund placed Aberdeen Asset Management on its watch.
Retirement Association Fixed-Income list due to lagging performance. The firm will be monitored

during the next three quarters
Howard University USD523 Endowment US / Active Fixed- USD0 None The endowment has plans to make its maiden foray investments

Income / Long Duration into liability-driven long-term bond investments. It will cut

across its U.S. equity to fund the new mandates. It decided

to make the allocation following its recently completed ALM

this year.
American Cast Iron Pipe Company USD344 Corporate D.B. US / Active Fixed- USD4.19 Mercer, Richmond, VA The fund plans to invest USD4.19 million in asset-backed

Income / Asset
securities upon completion of its asset study in the

Backed Securities second quarter of 2009.
American Cast Iron Pipe Company USD344 Corporate D.B. US / Active
USD6.88 Mercer, Richmond, VA The scheme may make a USD6.88 million maiden foray into

Fixed-Income liability-driven investments. The move will be made for

diversification purposes and will follow the completion of

its asset study in early 2009.
Colorado Fire & Police Pension Association
USD3500 Public D.B. US / Active Fixed- USD0 Pension Consulting Alliance,
The fund has placed TCW Group on watch for lagging .
Income / High-Yield Encino, CA performance. There is no time frame for monitoring the firm
Colorado Fire & Police Pension Association USD3500 Public D.B. US / Active Fixed-Income USD0 Pension Consulting Alliance,
The fund placed Western Asset Management on watch list

Encino, CA for poor performance. There is no time frame for monitoring

the firm.
Colorado Fire & Police Pension Association USD3500 Public D.B. US / Passive Fixed- USD0 Pension Consulting Alliance,
The fund has placed State Street Global Advisors on watch

Income / Lehman
Encino, CA due to underperformance. A time frame for monitoring the

Aggregate Index firm was not specified.
Archer Daniels Midland Co. USD879 Corporate D.B. US / Active
USD52.74 None The fund may commit up to USD52.74 million to liability-driven
Fixed-Income
investments upon the completion of its asset studies in 2009.
Seattle City Employees’ Retirement System USD2100 Public D.B. US / Active Fixed- USD0 Wurts & Associates,
The system placed Western Asset Management on its watchlist

Income / Core-Plus Seattle, WA for underperformance. The firm will be monitored through

March 2009, at which time it will be re-evaluated.
Anadarko Petroleum Corp. USD1300 Corporate D.B. US / Active
USD260 Summit Strategies Group,
The fund is looking to invest in liability-driven investments and

Fixed-Income St. Louis, MO mulling bonds for the addition. It will invest 2% or USD260

million and decrease its equity exposure to fund the mandate.
Muntons plc Retirement Benefits Scheme
USD52.13 Corporate D.B. Global / Active
USD0 HSBC Actuaries and
The scheme plans to increase its global bonds exposure while

Fixed-Income Consultants, London, N/A simultaneously decreasing its global equity portfolio proportionately.

The final decision and specifics on the investment size and

time frame for the allocation will be made following a trustee
meeting scheduled for year-end with the help of incumbent

consultant, HSBC Consultants.
Guardian Life Insurance Company
USD641 Corporate D.B. US / Active
   USD35.46 None The fund may commit up to USD35 million to LDI bonds

of America Fixed-Income overlay strategies.
Alexandria (Va.) Fire & Police
USD100 Public D.B. Emerging Markets /
N/A None The fund plans to make very small exposure in emerging market

Retirement System Active Fixed-Income bonds. No further information is available.

Comerica USD1,000 Corporate D.B. US / Active
USD60 None The plan may reduce its equity portfolio, presently at

Fixed-Income USD60 million and invest in bonds overlay.
Highmark Inc. USD748 Corporate D.B. US / Active Fixed- USD37.40 Dahab Associates,
The plan may commit USD37.4 million to long duration bonds

Income / Long Duration Bay Shore, NY upon the completion of its asset study.

Lafarge North America USD900 Corporate D.B. US / Active
USD14.40 Hewitt Associates,
The scheme with USD360 million in equity, is planning to add up

Fixed-Income Birmingham to 4% in LDI bonds overlay after the completion of its asset

studies in 2009.
Merced County Employees Retirement
USD452 Public D.B. US / Active Fixed-Income /
N/A Milliman USA, Seattle, WA The fund has placed Lehman Brothers Asset Management on its

Association Mortgage-Backed Securities watch list due to
underperformance.

United Nations Joint Staff
USD41,000 Corporate D.B. US / Active
USD1,640 Buck Consultants,
The scheme may deduct USD1640 billion from its 61.80% equity

Pension ...

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