Merced (Calif.) County Employees Retirement System hired Lincoln Capital to manage $67 million in a Lehman Aggregate index fund, said Richard Stensrud, CEO. Funding came from terminating Bradford & Marzec, which ran the money in an active domestic core-plus bond portfolio, for performance, Mr. Stensrud said.
Separately, the $365 million pension plan hired Mellon Capital to manage $20 million in a Russell 1000 value index fund and $14 million in a Russell 1000 growth index fund. Funding came from terminating J.P. Morgan Fleming, which managed $34 million in an S&P 500 enhanced index fund. The termination was due to performance and because of the plans change in strategy to more pure growth and value investments, he said. Milliman USA advised.
Neither Mark Walsh, research director for Bradford & Marzec, nor Jennifer Tamis, J.P. Morgan Fleming spokeswoman, returned calls seeking comment by press time.