San Mateo County Employees' Retirement Association, Redwood Shores, Calif., hired Western Asset Management to run $143 million in core-plus fixed income. Funding comes from trimming the portfolios of existing bond managers Deutsche Asset Management and Barclays Global Investors to $143 million each; DeAM ran $201 million in core-plus bonds, and BGI ran $249 million in a Lehman Aggregate index fund. The remaining $21 million will be reallocated to equities, said Sid McCausland, CEO.
Also, the board for the $1.5 billion fund approved Chadwick, Saylor's independent appraisal of the fund's $60 million in real estate holdings, which will be swapped for an interest in a new commingled real estate trust being started by current manager INVESCO.
In addition, board interviews for a new CEO will be held in October; with a goal of having the new chief executive on board by Jan. 1. Mr. McCausland will serve as an adviser until he retires March 31.