Texas Municipal commits $750m to mortgage-backed securities
The $22.8 billion Texas Municipal Retirement System has committed $750 million to RMBS/CMBS strategies (pending contract negotiations), divided among three separate managers, Ellington Management Group, Voya Financial (formerly ING Investment Management) and Marathon Asset Management, each of which received $250 million.
“This allocation is part of TMRS’ long-term diversification strategy,” notes TMRS spokesman Bill Wallace.
The three managers were deemed most suitable for TMRS after considering 23 separate managers. To be considered, mangers needed to have at least $500 m