West Palm Beach (Fla.) Firefighters' Pension Fund hired Pacific Investment Management Co. to run about $12 million in active global fixed income.
The $238 million pension fund's board approved the hiring to replace Franklin Templeton at its Sept. 3 meeting, said J. Scott Baur, managing partner at Resource Centers, the pension fund's third-party administrator.
Investment consultant AndCo Consulting recommended terminating Franklin Templeton due to "recent significant asset losses and possible firm culture issues with the integration of Legg Mason," according to the minutes. Franklin Templeton's acquisition of Legg Mason closed on July 31.
Stacey Coleman, Franklin Templeton spokeswoman, could not immediately provide comment.
As of June 30, the actual allocation to global fixed income was 4.6%; the target is 5%.
AndCo Consulting assisted.