Alameda County Employees’ Retirement Association, Oakland, Calif., hired Brandywine Asset Management to run $210 million in global fixed income, subject to fee negotiations. If the parties fail to agree on fees, the $3.6 billion pension fund’s second choice is Bridgewater Associates, according to minutes of the Oct. 12 investment committee meeting. The move into global fixed income is a first for the fund, and stems from a new asset allocation decided late last year.
In addition, the association’s investment committee instructed staff to renegotiate fees with the AFL-CIO Housing Investment Trust, which runs a $76 million mortgage portfolio. The fund is searching for a mortgage manager; it is not clear whether renegotiated fees will pre-empt the search. Strategic Investment Solutions is the consultant.