Two Pensacola, Fla., pension funds have terminated Pacific Investment Management Co. mutual funds as a result of organizational changes at the firm, said Cheryl Jackson, payroll and pension manager for the plans.
The $141 million Pensacola General Employees’ Pension Fund voted at a special board meeting on Tuesday to terminate PIMCO. The pension fund has a total of $11 million in PIMCO’s Real Return and Total Return mutual funds.
At a special board meeting on Wednesday, the board of the $113 million Pensacola Firefighters’ Relief and Pension Fund voted to terminate PIMCO. The pension fund has a total of $9.5 million in PIMCO’s Total Return mutual fund.
Assets from both terminations are being temporarily parked in index funds until the boards’ regular November meetings.
The special meetings were called following the Sept. 26 resignation of William H. Gross, PIMCO co-founder and chief investment officer.
Investment consultant Burgess Chambers & Associates assisted with both terminations.