Fresno (Calif.) City Retirement Systems named three finalists each for global tactical asset allocation and absolute-return fixed-income searches, according to materials for the Aug. 27 board meeting.
The retirement systems, which consist of the Employees Retirement System and the Fire & Police Retirement System with a combined $2.2 billion in assets, named Pacific Investment Management Co.; Newton Capital Management; and Grantham, Mayo, Van Otterloo as finalists for the GTAA search. The pension funds are expected to hire two managers to run a combined 7% of total assets.
The pension funds also named PIMCO, GAM and Standish Mellon Asset Management as finalists to run $90 million in absolute-return fixed income.
The retirement systems do not currently have any investments in either asset class. The shortlist searches conducted by investment consultant NEPC are the result of a new asset allocation approved in June.
Stanley McDivitt, retirement administrator, could not be reached for additional information.