Fort Lauderdale (Fla.) Police & Fire Retirement System terminated Pacific Investment Management Co. from a $37 million portfolio, said Frederick H. Nesbitt, director of public information.
The $795 million pension fund was invested in the firm’s All Asset mutual fund and terminated PIMCO due to organizational changes.
William H. Gross, PIMCO co-founder and chief investment officer, resigned from the firm on Sept. 26.
The pension fund’s investment consultant, CapTrust Advisors, is tentatively scheduled to bring in managers to interview at a special board meeting on Oct. 22 to replace PIMCO, Mr. Nesbitt said.
The pension fund also terminated Lee Munder Capital Group from a $28 million active domestic small-cap value equity portfolio for performance reasons. CapTrust is tentatively scheduled to bring in managers to interview at the board’s Nov. 10 meeting.
Greg Mulready, Lee Munder’s director of sales and marketing, declined to comment.