Springfield-based Illinois Teachers’ Retirement System has appointed New York-based MacKay Shields and Boston-based Manulife Asset Management to manage $989 million in domestic fixed income. MacKay will be responsible for managing 10% of the allocation, which amounts to $618 million.
Manulife will handle $371 million, which accounts for 6% of the mandate. Funding will be provided by reducing the portfolio allocations to current fixed-income money managers and transferring Goldman Sachs Asset Management’s portfolio assets worth $869.2 million.
Click here for the release from Illinois Teachers’ Retirement System.
