Santa Barbara County drops Aberdeen high-yield strategy

Santa Barbara County (Calif.) Employees' Retirement System terminated Aberdeen Asset Management from its $47 million global high-yield bond portfolio, said Ellen Hung, assistant CEO, in an e-mail.

The $2.4 billion pension fund terminated Aberdeen due to personnel changes, Ms. Hung said. The pension fund is adding $15 million as a result of the termination to Hotchkis & Wiley Capital Management's high-yield portfolio, giving it about $62 million.

The rest of the assets are being allocated to a domestic core-plus fixed-income portfolio managed by Reams Asset Management, giving it about $148 million.

Investment consultant RVK assisted.

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