Fresno County (Calif.) Employees' Retirement Association named BlackRock and Brandywine Global Investment Management as finalists for a global fixed-income portfolio of up to $273 million, said Becky Van Wyk, interim retirement administrator.
The $3.9 billion pension fund conducted an invitation-only search earlier this year following the creation of a new 7% target allocation to global fixed income in December.
The two finalists will make presentations at the pension fund's Aug. 6 board meeting.
Funding will come from equities; also in December the domestic equity target was reduced to 17% from 29% and the international equity target was reduced to 19% from 24%. No managers will be terminated.
Investment consultant Wurts & Associates is assisting.
