North Carolina Supplemental Retirement Plans, Raleigh, hired Prudential Investment Management to replace PIMCO as a manager for the North Carolina Fixed Income Fund.
Pacific Investment Management Co.'s portion of the fund is valued at $285 million and is invested in the Total Return Fund, spokesman Schorr Johnson said in an e-mail. The change is effective Dec. 15.
“The change was made because of instability in the leadership of the fund,” Mr. Johnson said.
North Carolina Supplemental Retirement Plans, which consists of a 401(k) plan and a 457 plan, has $8.7 billion in assets