US/GERMANY – The pension fund for the Teachers Retirement System of Texas, has appointed Criterion Investment Management, the Houston based fixed income arm of Düsseldorf based WestAM, to a US$100m high-yield bond portfolio.

The asset manager’s high-yield team uses a bottom-up bond picking style, which out-performed the Lehman high yield index last year by over 800 basis points. Its high-yield assets under management have are currently at around US$400m.

In a separate move, Michael Willett joined the firm as a high-yield analyst, after seven years American General Corporation, Koch Capital Services and PricewaterhouseCoopers.