University of Rochester, N.Y., will remove the PIMCO Unconstrained Bond Fund as an investment option for its $3.45 billion 403(b) and $67.8 million 457(b) plans, said Michele R. Hill, university benefits director.
The change is effective Feb. 23 and is due to personnel changes at PIMCO, Ms. Hill said.
The PIMCO Total Return Fund will remain an investment option for the plans, although officials at the university will continue to monitor its performance.
Participants invested in the unconstrained bond fund will have their assets transferred to Vanguard's Total Bond Market Index Fund, an existing option.
A spokeswoman for Pacific Investment Management Co., in response to a request for comment, e-mailed the following statement: “PIMCO remains focused on providing strong performance in all strategies that we manage for our thousands of defined contribution plan clients. Our portfolio management team has delivered strong relative and absolute performance in the total return and unconstrained bond funds since assuming management of these strategies, backed by the consistency of PIMCO's approach.”