Sacramento County (Calif.) Employees' Retirement System hired Brandywine Global Investment Management to run a global fixed-income portfolio, according to recently released minutes of the April 17 board meeting.
The size of the allocation was not provided. Investment consultant Strategic Investment Solutions assisted.
In November, the board of the $6.6 billion retirement system approved a new fixed-income structure that carved out a 15% allocation to global fixed income, including emerging markets debt, and a 10% allocation to opportunistic credit. It previously was invested entirely in domestic fixed income, with a target allocation of 20%.
Funding comes from reducing the portfolios of current domestic fixed-income managers Bradford & Marzec, Neuberger Berman and TCW, which managed a combined $1.12 billion as of Dec. 31.
Separately, the plan invested 1% of assets, or about $66 million, in AQR Delta Fund, a multistrategy hedge fund managed by AQR Capital Management, according to minutes of the March 20 board meeting.
Richard Stensrud, CEO, did not return a telephone call for additional information.
