Sarasota (Fla.) Police Officers' Pension Fund is reducing the portfolio of active domestic core fixed-income manager Pacific Investment Management Co. by $20 million, said Thomas D. Kelley, the city's pension plans administrator, in an e-mail.
The $181 million pension fund voted for the reduction at its meeting Aug. 22, leaving PIMCO with $21 million. The pension fund had hired Garcia Hamilton & Associates to run an active domestic core fixed-income portfolio at its July 25 meeting to complement PIMCO, but had not determined a portfolio size at that time.
Garcia Hamilton will now run $20 million. The pension fund had conducted an invitation-only search in March for an additional core manager to create more diversification within the core portfolio following the resignation in January of Mohamed El-Erian, PIMCO's CEO and co-chief investment officer.
Investment consultant Burgess Chambers & Associates assisted.
