Arapahoe County Retirement Plan, Centennial, Colo., hired Western Asset Management Co. to run about $14 million in its core-plus bond fund, recently released board meeting minutes show.
Western Asset Management will replace PIMCO, which was terminated from its total return strategy due to “continued performance challenges” and organizational changes. The $275 million pension fund had $13.5 million invested with PIMCO as of June 30.
A Pacific Investment Management Co. spokeswoman declined to comment.
As of Aug. 31, the pension fund had a 15% target to fixed income.
Investment consultant Ellwood Associates assisted.
Lew Quigley, retirement plan administrator, could not be reached for additional information by press time.