Orange County Employees Retirement System's investment committee is expected to decide Wednesday whether to place Pacific Investment Management Co.'s Total Return strategy on watch and direct general investment consultant NEPC to conduct an exploratory search for an additional domestic fixed-income portfolio manager, to replace PIMCO according to the agenda for the meeting.
The $11 billion Santa Ana-based pension fund's investment committee on Jan. 29 placed PIMCO's Unconstrained Bond Fund on watch because of changes in key personnel, including the resignation of Mohamed El-Erian, who was CEO and co-chief investment officer. PIMCO manages a total of $1.3 billion across six strategies for the pension fund.
Separately, the investment committee is expected to decide whether to provisionally approve the 2014 target asset allocation recommendation of NEPC. The allocations would be subject to review by OCERS' risk adviser, BlackRock.
Also, the committee is expected to decide whether to make annual commitments of between $50 million and $100 million to private equity manager Pantheon Ventures for 2014, 2015 and 2016, and commit between $40 million and $63 million to Ionic Capital Management's Ionic Event Driven Fund, according to the agenda.
The Pantheon investments would be provisional commitments, with the exact amount determined at future investment committee meetings. The annual provisional commitments also would be subject to annual reviews by the investment committee.
