The federal Pension Benefit Guaranty Corporation (PBGC) has selected five investment management firms to participate in its pilot program for Smaller Asset Managers.
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The Smaller Asset Managers Pilot Program, announced last year, was created to reduce barriers that smaller investment firms face when competing for the agency’s business. Before the pilot program, these contracts were out of reach because the minimum required assets under management, often in the billions, were too large for small firms to qualify, says the PBGC.
“We’re pleased that after a rigorous competition, five firms stood out and were selected to participate in the program,” says PBGC Director Tom Reeder, quoted in a press release. “We look forward to working with this new group of investment professionals.”
Each of the 5 firms will be responsible for investing $175 million in US core fixed income instruments.