Virginia Retirement System, Richmond, terminated Allianz Global Investors from a $148 million convertible bond portfolio.
The $105 billion pension fund’s investment department terminated the manager March 7, according to a presentation shown at the pension fund’s remote investment advisory committee meeting Wednesday, a recording of the meeting showed.
The separate account was allocated to the pension fund’s credit strategies asset class. System spokeswoman Jeanne Chenault said in an email the investment in the Allianz portfolio "no longer fit within the portfolio strategy." She added that assets were reallocated to cash.
As of April 7, the actual allocation to credit strategies was 14%.
