The Pension Benefit Guaranty Corp. is rolling out a pilot program that will give as many as five smaller asset managers a shot at managing a portion of the agency's $85 billion in assets.

"We have seen some really high-quality smaller asset managers, but it's been an area where we've been unable to invest," explained John Greenberg, PBGC's chief investment officer.

The success of the pilot program will determine whether or not PBGC will continue to include smaller asset managers going forward, and in what capacity. Managers with a minimum $250 million in assets under management can qualify for the new business.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.