Gross Effect: NYC Retirement Terminates $4.9 Billion of PIMCO Assets

Two bond strategies managed by PIMCO for the New York City Retirement Systems (NYCERS) have been terminated. The fixed income strategies totaled US$ 4.9 billion in assets. The money was moved at the end of December 2014. US$ 3.5 billion was geared toward mortgage bond strategies and US$ 1.4 billion allocated to government-sector strategies. The money has been reallocated to existing fixed income managers in the pension lineup. BlackRock, State Street Corporation and Fischer Francis Trees & Watts scooped up the US$ 1.4 billion in government bond strategies. BlackRock, Goldman Sachs, Wellington Management, Neuberger Berman and Amundi Smith Breeden grabbed the US$ 3.5 billion in mortgage bond strategies. PIMCO has managed money for NYC retirement funds since 1987.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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