Ohio Public Employees Deferred Compensation Program, Columbus, is adding the Ohio DC Intermediate Bond fund, managed by TCW Group, to its investment options lineup, said Keith Overly, executive director.
The $11.2 billion 457 plan will add the fund, which has the same portfolio management and strategy as the MetWest Total Return Bond fund, on March 27. MetWest is a subsidiary of TCW.
The TCW fund replaces the PIMCO Total Return Fund, from which participants will automatically be mapped to the new fund. The 457 plan has about $230 million in the PIMCO fund.
The 457 plan is dropping the domestic fixed-income fund managed by Pacific Investment Management Co. due to the departure of the firm’s co-founder and chief investment officer William H. Gross, who resigned Sept. 26.
Investment consultant Aon Hewitt Investment Consulting assisted.