Marin County Employees' Retirement Association, San Rafael, Calif., placed Wellington on its watchlist due to performance issues related to its management of a core fixed-income product.
The pension fund's investment committee approved the measure at its Dec. 6 meeting, confirmed Jeff Wickman, retirement administrator.
As of Oct. 31, the Wellington Core Plus Fixed Income product comprised about $264.4 million in assets.
Wellington manages no other assets at the pension plan, according to data included in the agenda.
On the whole, fixed income accounted for about 22.1% of MCERA's total assets as of Oct. 31.
Wellington will be re-evaluated in one year unless the investment committee determines a different course of action is required beforehand, according to the agenda.
Wellington could not be immediately reached for comment.
The investment committee also approved a measure to remove Invesco from its watchlist, Wickman confirmed.
The agenda noted Invesco was notified of its watchlist status in January 2022. "Commodities continued to do well into 2022 given war-induced supply concerns, but more recently, commodities have declined amid concerns of slowing global growth and a strong dollar," according to a board agenda document. "Invesco has outperformed amidst the downturn."
Invesco manages a $55 million balanced-risk commodities fund for the fund. Public real assets (which includes commodities) accounted for about 6.6% of the pension's plans total assets as of Oct. 31.
Invesco does not manage other assets for MCERA.
The Marin County fund had a total of about $2.94 billion in assets as of Oct. 31.
