Mendocino County Employees’ Retirement Association, Ukiah, Calif., is monitoring its roughly $60 million investment in the PIMCO Total Return Fund for the next six months because of personnel changes over the past year at the money manager, said interim administrator Jim Andersen.
Pacific Investment Management Co. told the pension fund that by the end of that six months, the firm should be exceeding its benchmark and will have stabilized its executive management ranks, Mr. Andersen said.
Callan Associates, the pension fund’s investment consultant, will be meeting with PIMCO’s portfolio managers weekly, Mr. Andersen said.
Separately, the $442 million pension fund lowered its assumed rate of return to 7.25% from 7.75%.
The new assumed rate of return was recommended by The Segal Co., the pension fund’s actuary.