San Francisco City & County Employees' Retirement System hired Pacific Investment Management Co. to run up to $400 million in a multisector fixed-income portfolio.
The $25.9 billion pension fund's board approved the hiring at its meeting Wednesday, said Darlene Armanino, executive assistant and board secretary, in an email.
Initial funding will come from the $170 million active emerging markets debt portfolio that PIMCO currently manages for the pension fund.
The board has approved the staff's request to have discretion to invest up to $400 million in the PIMCO multisector portfolio until July 1, 2021. If the full amount is not yet invested as of that date, the staff will make another recommendation to the board to invest the remaining amount, according to board materials.
As of June 30, SFERS' actual allocation to fixed income was 8.3%.
Investment consultant NEPC assisted.
