Smart & Final Inc., City of Commerce, Calif., hired Metropolitan West Asset Management to handle a $22 million active core bond portfolio for its $60 million pension plan, pending contract negotiations. First Pacific Advisors was the other finalist, according to a source who declined to be identified.
The company is also choosing between finalists TCW Group and Earnest Partners in a search for an active domestic small-cap value manager to handle $10 million, according to the source, who added that fund officials plan to make a selection the next few weeks.
All of the company's pension assets were in balanced accounts. Fund officials wanted to move to specialist managers. Merrill Lynch Consulting Services is assisting.