Dallas Police & Fire Pension System terminated Loomis Sayles & Co. from its $39 million bank loan portfolio.
The $2.1 billion pension fund's board approved terminating Loomis Sayles, which ran its senior floating rate and fixed-income strategy for the pension fund, at its Feb. 13 meeting, recently released minutes show.
The board moved the assets to Pacific Asset Management's existing bank loans portfolio, giving it about $81 million. A reason for the termination was not provided.
As of Dec. 31, the actual allocation to bank loans was 3.9%. As of that date, Loomis Sayles also ran an $86 million high-yield portfolio for the pension fund.
Investment consultant Meketa Investment Group assisted.
Kent Custer, chief investment officer, could not be immediately reached for further information.
