The Luzerne County Retirement System will invest a portion of its portfolio with Term Asset-Backed Loan Facility (TALF) managers, said investment consultant Richard Hazzouri of Morgan Stanley Smith Barney.

The board has agreed to place $10 million in the strategy to be split evenly between two separate managers: Ryan Labs Asset Management and Boyd Watterson Asset Management.

Hazzouri said the investments would be funded from the system¹s equity and fixed-income portfolios. In addition to the recently awarded TALF mandate, Ryan Lab also oversees a bond portfolio at the plan. No further commitments to TALF are expected, he said.

The plan already invests 2.6% of its $115.8 million portfolio in asset-backed securities, according to The Times Leader.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.