The $12 billion Ohio Police & Fire Pension Fund (OP&F) has selected MacKay Shields and Penn Capital Management for managing its active domestic long-only high-yield fixed income, Pensions & Investments reports. MacKay Shields will manage active core and Penn Capital will handle opportunistic.
Together with other high-yield managers Neuberger Berman and Loomis Sayles, the new managers will be jointly running some $1.8 billion for the Columbus-based system. As of August 31, MacKay Shields’ opportunistic portfolio is $364 million, Neuberger Berman’s $341 million and Loomis Sayles’ $315 million.
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