San Luis Obispo County (Calif.) Pension Trust is searching for a core-plus fixed-income manager to potentially replace PIMCO, said Carl Nelson, executive secretary and chief investment officer.
Pacific Investment Management Co. currently manages about $209 million in a core-plus fixed-income separate account for the $1.2 billion pension fund.
The pension fund is monitoring the strategy because of “organizational turmoil” at PIMCO over the past year, Mr. Nelson said. The pension fund does not have a formal watchlist.
An RFP for a potential replacement manager will not be issued. Interested firms can contact the pension fund's investment consultant Wurts & Associates.
PIMCO also manages about $20 million in a distressed credit fund. There are “no issues or concerns” with that strategy because it is a different management team, Mr. Nelson said.