San Jose, Calif., has added the Loomis Sayles Core Plus Bond Fund to the lineup of its $805 million 457 plan, said Emily Hendon, a senior analyst in the city’s human resources department.
The Loomis Sayles fund replaced the PIMCO Total Return Fund, which was removed last month as a result of “recent managerial changes” at the firm, and “a review of the firm’s direction,” said an announcement on the plan’s website.
The fund change was approved by the city’s deferred compensation authority and was recommended by investment consultant Buck Consultants.
Approximately $18 million was invested in the PIMCO fund.
A spokesman for Pacific Investment Management Co. declined comment.