Marin County Employees Retirement Association, San Rafael, Calif., is searching for an active global fixed-income manager to replace Barclays Global Investors.
The $800 million fund will allocate $38 million to the new manager.
Norman Klein, plan administrator for Marin, said the board decided the portfolio needed more active management and insisted performance had nothing to do with the change. Mr. Klein said a decision is expected by the end of September.
Barclays did not respond to several phone calls.
Asset Strategy is the consultant.