Marin County ERA Considering Four Candidates to Replace Wamco

Marin County Employees Retirement Association (ERA) has narrowed its search to four candidates to replace Western Asset Management as its core-plus fixed-income manager.

According to recently published minutes from the pension’s October 15 board meeting, Dodge & Cox, Fidelity Institutional Asset Management, Loomis, Sayles & Co, and PGIM have been selected to be interviewed as manager for the mandate. BlackRock and Pacific Investment Management Company were also initially discussed as potential candidates.

The move is the latest blow for Wamco, which has experienced a reported $53B in outflows since the firm disclosed that veteran trader and co-CIO Ken Leech was under federal investigation for providing favored clients with lucrative trades. Marin County joins other public pensions such as the Chicago Teachers’ Pension Fund and Rhode Island State Pension to have replaced the firm as a manager.

Consultant Callan assisted in both the performance review and the selection process for a new manager candidate.

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