El Paso County Retirement Plan, Colorado Springs, Colo., hired Garcia Hamilton & Associates to manage about $16.7 million, or 5% of the total pension fund portfolio, in its aggregate fixed-income strategy, said Thomas Pfeifle, executive director of the $334 million pension fund, in an e-mail.
Funding will come from liquidating the pension fund’s $16.7 million investment in Pacific Investment Management Co.’s Total Return Fund. “PIMCO was experiencing much higher asset turnover within its portfolio than historically and becoming more of a core-plus investment, when we needed a true core fixed-income product,” Mr. Pfeifle wrote on the reason for the liquidation.
A PIMCO spokesman could not immediately provide a comment.
Separately, the pension fund committed $1.6 million to Weathergage Venture Capital IV, a fund of funds managed by Weathergage Capital.
Finally, to take advantage of new emerging markets opportunities, a search is underway for an emerging markets equity manager to run about $16 million.
The invitation-only search is being conducted by the pension fund’s investment consultant, Ellwood Associates, and a hiring decision is expected at the Sept. 26 board meeting. An RFP was not issued.
Funding will come from a reduction in the allocation of international equity manager Vontobel Asset Management, which currently runs $33.3 million. Vontobel remains on watch in light of the May departure of Rajiv Jain, who was co-CEO and chief investment officer.
The pension fund has 5% targets each to emerging markets equity, private equity, and core fixed income.
