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El Paso County drops Barings senior loan strategy

El Paso County Retirement Plan, Colorado Springs, Colo., is terminating Barings, formerly Babson Capital Management, as a senior loan manager, said Thomas Pfeifle, executive director of the $356 million pension fund, in an email.

Barings’ roughly $8 million allocation will be transferred to Bain Capital Credit, which currently manages $8.9 million in senior loans for the pension fund.

“The Barings strategy has not had the performance that Bain has had for a similar investment, so we decided to inform Babson of their termination as of April 30 in the interest of consolidating our portfolio and getting some efficiencies where needed,” Mr. Pfeifle wrote.

A Barings spokesman could not immediately be reached for comment.