Imperial County Employees' Retirement System, El Centro, Calif., is conducting an invitation-only search for a domestic fixed-income manager to run $84 million, said David H. Prince, retirement administrator.
Wurts & Associates, investment consultant to the $683 million pension fund, will bring a shortlist of managers to the pension fund's Dec. 17 board meeting. Finalist presentations could be scheduled for a later date at that point, or a selection could be made then, Mr. Prince said.
He added pension fund officials are considering multiple strategies, active and passive, but likely will go with an active core-plus manager.
The chosen manager will replace Pacific Investment Management Co., which was terminated on Oct. 3 due to the resignation of William H. Gross, PIMCO's co-founder and chief investment officer. The manager ran a total return separate account for the pension fund.
Funds from PIMCO's portfolio are being temporarily assigned to domestic fixed-income manager Bradford & Marzec, increasing its portfolio to about $170 million.