Fresno County (Calif.) Employees' Retirement Association hired Eaton Vance as its first bank loan manager to run $195 million, wrote Becky Van Wyk, interim retirement administrator, in an e-mail.
The $3.6 billion pension fund conducted an invitation-only search earlier this year following the creation in December of a 5% target allocation to bank loans. The other finalist was ING U.S. Investment Management, now Voya Investment Management.
Funding will come from equities; no managers will be terminated.
Investment consultant Wurts & Associates assisted.