Fixed-Income Asset Class

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FCERA Terminates Artisan, Wraps TIPS Search

The Fresno County Employees' Retirement Association (FCERA) has terminated small-cap equity manager Artisan Partners, said Roberto Pena, administrator of the $2.7 billion California plan. Artisan had been in trouble with the plan for quite some time due to poor performance and personnel changes and had been on FCERA's watch list since the beginning of the year (See IMW, 11/19/07 and 9/15/08). The manager oversaw a roughly $55 million mandate. The board first discussed terminating the firm at…

Maryland Worker’s Comp Fund to Add Emerging Managers

The Injured Workers Insurance Fund (IWIF) is searching for emerging investment managers. The IWIF covers worker's compensation for the state of Maryland. Robert Merritt, executive VP and CIO at the $1.6 billion fund, explained that the search is being conducted because the IWIF is interested in working with emerging managers based in Maryland. He noted that a second RFP for emerging management firms based outside of Maryland would be issued at a later time. The fund…

El-Erian Named Sole Pimco CEO

Mohamed El-Erian, who recently returned to Newport Beach-based Pimco after running a multi-billion dollar endowment fund at Harvard University for two years, will take over as the sole chief executive of the bond investor. Prior to this appointment, El-Erian shared the top spot as co-CEO with Bill Thompson, who announced his retirement from the firm after 15 years yesterday. El-Erian will continue to serve as co-chief investment officer along with renowned bond investor Bill Gross. El-Erian…

Arkansas Cops Unload Equity Manager

The roughly $215 million Arkansas Police Retirement System has reportedly removed UBS Asset Management from an international equity portfolio. According to published reports, the fund saw its foreign stock portfolio dip from $50.2 million to $41.7 million during the last fiscal year. Gail Stone, executive director at the Little Rock plan, could not be reached for additional details by press time. However, local reports indicate that the system will meet with potential replacement managers at its November…

Fresno County Adopts New A/A

The Fresno County Employees' Retirement Association (FCERA) has adopted a new asset mix which includes allocations to opportunistic fixed-income, hedge funds and real assets, said Roberto Pena, administrator at the $2.7 billion fund. The changes are due to the results of a recently completed asset/liability study conducted by Wurts & Associates. …

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Articles

Core Bonds in The Cards at Mass. Fund

The Plymouth Contributory Retirement System has launched a search for a core fixed-income manager to oversee roughly $15 million. The board will consider proposals for both active and passive strategies.

FCERA Terminates Artisan, Wraps TIPS Search

The Fresno County Employees' Retire-ment Association (FCERA) has terminated small-cap equity manager Artisan Partners, said Roberto Pena, administrator of the $2.7 billion California plan. Artisan had been in trouble with the plan for quite some time due to poor performance and personnel changes and had been on FCERA's watch list since the beginning of the year. The manager oversaw a roughly $55 million mandate. The board first discussed terminating the firm at an earlier meeting and decided to give Artisan a chance to present its case for retaining the account at a meeting last month.

Workers' Comp Fund Seeks Managers

The Injured Workers Insurance Fund (IWIF) is searching for emerging investment managers. The IWIF covers workers compensation for the state of Maryland.

Illinois Muni. Adjusts Asset Allocation

The Illinois Municipal Retirement Fund (IMRF) approved changes to its investment scheme last month, according to the highlights from a recent board meeting posted on its Web site. The fund has increased its target allocation to equities from 63% to 70%, while trimming its target fixed-income allocation down to 30% from 37%.

Maryland Plan Seeks Fixed-Income Manager

The Maryland-National Capital Park and Planning Commission Employees' Retirement System (MNCPPC) has issued an RFP for a U.S. core fixed-income manager to oversee $30 million at the plan. The mandate will be benchmarked against the Lehman Aggregate Bond Index, according to the RFP.

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