Alameda County Employees' Retirement Association, Oakland, Calif....

Alameda County Employees’ Retirement Association, Oakland, Calif., hired Pacific Financial Research to run a $55 million domestic large-cap value portfolio, and terminated Nicholas-Applegate as a $277 million core plus fixed-income manager for performance reasons, said Linda Brewton, investment officer for the $3.4 billion fund. John Pipkin, partner and director of client services for Nicholas-Applegate, declined to comment. Separately, the fund began searching May 20 for a domestic enhanced index fund manager to run up to $50 million, Ms. Brewton said. No RFPs were issued; Watson Wyatt is scheduled to present six finalists at the fund’s July 14 investment committee meeting, she said. A decision is expected by September. Funding for both portfolios comes from reducing a $1.4 billion S&P 500 index fund managed by Bank of New York. The Nicholas-Applegate portfolio will be reallocated to State Street Global Advisors, which manages $458 million in domestic indexed fixed income for the fund, she added.