Montana Public Employees' Retirement Association, Helena, is searching for a fixed-income manager to potentially replace Pacific Investment Management Co. in its $425 million 457 plan, said Patricia Davis, member services bureau chief.
PIMCO’s Total Return Fund is an option in the 457 plan. The fund has approximately $7.1 million in participant assets.
The plan’s investment consultant, Buck Consultants, will conduct the search. An RFP will not be issued. Interested firms can contact Buck, Ms. Davis said.
MPERA’s employee investment advisory council made the recommendation to put PIMCO “on probation” because of the Sept. 26 resignation of William H. Gross, PIMCO’s co-founder and chief investment officer. The council’s recommendation will go to the board in December for final approval.
Ms. Davis said putting a manager “on probation” is equivalent to putting a manager “on watch.”
