The Teachers Retirement System of Texas pension fund has placed a $100m (€112m) high-yield bond portfolio with Criterion Investment Management, the Houston-based fixed income team of West AM.

West AM purchased Criterion from Nicholas Applegate, the California-based fund manager, in 1999. Fred Robertson, chief investment officer, heads Criterion's fixed income team. The team manages assets under management worth around $400m, and uses a bottom-up bond picking style.