Seattle City Employees' Retirement System terminated Reams Asset Management and Western Asset Management Co. from active domestic core-plus fixed-income portfolios of about $139 million and $143 million, respectively, said Anthony Smith, deputy chief investment officer, in an e-mail.
The $2.4 billion pension fund terminated the managers due to a decision to move to core portfolios from core-plus, Mr. Smith said. He added the pension fund has been very pleased with the two managers and “we would like to find ways to work with both Western and Reams in the future. They have been most valued partners to SCERS.”
The assets will be added to the existing active domestic core fixed-income portfolios managed by Pacific Investment Management Co. and Pugh Capital Management, giving each portfolio about $255 million.