Marin County hires Colchester in revamp of fixed-income portfolio

Marin County Employees' Retirement Association, San Rafael, Calif., hired Colchester Global Investors to run $100 million in global fixed income, said Jeff Wickman, retirement administrator of the $1.8 billion pension fund.

The hire is part of a new fixed-income allocation of 50% core-plus and 25% each global bonds and intermediate bonds that will bring the total fixed-income portfolio to about $400 million. Funding for the Colchester allocation is coming in part from reducing a $176 million Western Asset Management Co. core-plus strategy to about $100 million. The remainder will come from rebalancing equity portfolios.

Also, the WAMCO strategy will become an intermediate credit portfolio. Wellington Management will continue to run a core-plus strategy and will receive an additional $25 million to increase its total portfolio to about $200 million, which will make up the 50% allocation within bonds.