Coral Gables (Fla.) Retirement System terminated Richmond Capital Management from a $15 million TIPS portfolio, said Kimberly Groome, retirement system administrator of the $309 million pension fund.
The termination was completed in order to fund a commitment made in June to PIMCO Tactical Opportunities Offshore Fund managed by Pacific Investment Management Co.
Ms. Groome said the termination was not for performance reasons; Richmond Capital continues to manage another fixed-income portfolio for the pension fund.
The Bogdahn Group assisted.
