Imperial County Employees' Retirement System, El Centro, Calif., terminated Pacific Investment Management Co. from its $84 million domestic core fixed-income portfolio, said Regina Rodrigues, assistant retirement administrator.
The board of the $683 million pension fund voted to terminate the PIMCO Total Return strategy at a special meeting Friday, because of organizational changes, Ms. Rodrigues said.
William H. Gross, PIMCO's co-founder and chief investment officer, left the firm on Sept. 26.
The assets are being moved temporarily to current domestic fixed-income manager Bradford & Marzec, increasing its portfolio to about $170 million.
The board will decide in 30 to 60 days how to rebalance the portfolio on a permanent basis, Ms. Rodrigues said.
Investment consultant Wurts & Associates assisted.