Manulife Asset Management has been awarded a new fixed income mandate from a U.S. public fund and has also been given additional funding from an existing U.S. public pension fund client.
The North Dakota State Investment Board, headquartered in Bismarck, approved a strategic allocation from its permanent fund to be funded over time and managed by Manulife Asset Management’s securitized assets team in its total return bond strategy.
The Springfield-based Teachers’ Retirement System of the State of Illinois significantly increased its allocation to the firm’s strategic fixed income strategy, with an additional award of more than $200 million, which is managed by the firm’s global multi-sector team.
“We are honoured to be selected by the North Dakota State Investment Board and to have received additional funding from Illinois Teachers’,” says Christopher Conkey, global chief investment officer of Manulife Asset Management.
The North Dakota permanent fund was created in 2010 to hold and invest tax revenue from oil and gas production in the state.
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