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.