Tulare County Employees' Retirement Association, Visalia, Calif., hired MacKay Shields and DoubleLine Capital as core-plus fixed-income managers to run about $50 million each, said David Kehler, retirement administrator, in an e-mail.
Funding will come from Pacific Investment Management Co., which ran about $100 million in a similar portfolio and was terminated in January.
Separately, the $1.3 billion pension fund is searching for at least one private equity manager to bring its private equity allocation closer to its 5% target; the current allocation is about 2.5%.
Investment consultant Verus is expected to produce a list of managers for the pension fund to consider at some point, Mr. Kehler wrote. A specific timeframe has not been established.
Mr. Kehler could not immediately be reached for additional information on the search.
