Michael JenkinsonThe $595 million Rhode Island Foundation is looking to add a distressed credit manager to diversify the portfolio. The approximately $6 million allocation will be funded by reducing domestic fixed income and equity and should be made late in the first quarter, said Michael Jenkinson, senior v.p. for finance & administration and cfo. He added that the fund is actively looking at both incumbent and new managers for the mandate.The foundation is also likely to further diversify the portfolio by increasing exposure to hedge funds and emerging markets in the future, Jenkinson said. Details and a timeframe have not been established, he added, stressing that no search is currently underway.The Providence-based nonprofit was established ....

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