Sonoma County Employees’ Retirement Association, Santa Rosa, Calif., is conducting an invitation-only search for an unconstrained fixed-income manager to run $65 million, said Steven Marsh, investment analyst.
The $2.3 billion pension fund is conducting the search after terminating Pacific Investment Management Co. from a similar portfolio.
The termination occurred following the resignation of William H. Gross, PIMCO’s co-founder and chief investment officer, on Sept. 26 to join Janus Capital Group.
PIMCO still runs an $87 million active domestic core-plus fixed-income portfolio for the pension fund, and that portfolio remains on watch, also due to Mr. Gross’ departure.
Mr. Marsh said the pension fund hopes to make a decision by the end of February.
Investment consultant Hewitt EnnisKnupp is assisting.