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San Bernardino allocates to 2 credit strategies

San Bernardino County (Calif.) Employees' Retirement Association invested $80 million with Prudential's emerging markets opportunity credit strategy and $30 million with Birch Grove Credit Strategies Fund LP Credit Strategies Fund, said Don Pierce, chief investment officer of the $7.06 billion pension fund.

Also at its Aug. 1 meeting, the board rescinded its $30 million investment in BlueBay Emerging Market Select Bond Fund because of a failure to come to terms during contract negotiations, he said.

Separately, the pension fund earned a 15.05% net return for the 12 months ended June 30. The two biggest contributors were the fund's international credit strategy, which was mainly invested in European credits, and its volatility strategy managed by Russell that involves investing in put options.