Alameda-Contra Costa Transit District Retirement System, Oakland, Calif., is eliminating its global tactical asset allocation portfolio because of performance, said Hugo Wildmann, retirement system manager.
The managers “were not accomplishing board goals,” Mr. Wildmann said, adding the portfolio’s performance was weak compared to the rest of the fund.
Funds will be reallocated among existing equity and fixed-income managers.
GMO and PIMCO spokesmen declined to comment. A BlackRock spokesman could not immediately be reached for comment.
The board is invested in other BlackRock and PIMCO strategies, which have been retained.