Sonoma County Employees’ Retirement Association, Santa Rosa, Calif., hired Neuberger Berman to run a $65 million unconstrained fixed-income portfolio, said Steven Marsh, investment analyst.
The $2.3 billion pension fund conducted an invitation-only search in the fall after terminating Pacific Investment Management Co. from a similar portfolio following the resignation of William H. Gross, PIMCO’s co-founder and chief investment officer, on Sept. 26 to join Janus Capital Group.
The hire is pending due diligence and completion of contract negotiations, Mr. Marsh said.
Investment consultant Aon Hewitt Investment Consulting assisted.
