MERCED, Calif. - The $365 million Merced 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 S&P 500 enhanced index fund. The termination was due to performance and because of the plan's a change in strategy to more pure growth and value investments, he said.
Neither Mark Walsh, research director for Bradford & Marzec, nor Jennifer Tamis, J.P. Morgan Fleming spokeswoman, returned calls seeking comment by press time.
Milliman USA advised.