Texas Emergency Services Retirement System, Austin, hired Garcia Hamilton & Associates and Richmond Capital Management to run $8 million each in core fixed income, said Michelle Jordan, executive director, in an e-mail.
Funding will come from PIMCO, which was terminated from its Total Return Fund.
The pension fund board “decided that it wanted to pursue more of a traditional core bond fund, rather than continue holdings in the more liberal PIMCO Total Return Fund,” Ms. Jordan wrote. The redemption is “unrelated to performance or Pacific Investment Management Co.’s recent organizational changes,” she said.
The $92 million pension fund had about $19 million invested in the PIMCO Total Return Fund.
An RFP was issued for core-fixed-income managers in February.