The City of Orlando (FL) Police Pension is joining a number of other pensions in removing embattled Western Asset Management (Wamco) as a manager of its fixed income portfolio.
According to recently published minutes from its October 17 board meeting, NEPC had placed Wamco’s Western Core Plus Bond Fund under review due to underperformance before news broke that the SEC was investigating longtime portfolio manager and co-CIO Ken Leech for improper trade allocation practices. NEPC said it has since placed Wamco on its watch list and recommended the board replace it with the Dodge & Cox Core Plus Fixed Income. The subsequent motion was carried unanimously by the board.
The police pension is the latest among a growing number of investors to leave Wamco following news of the investigation into Leech. As previously reported by Dakota, the Marin County Employees Retirement Association, Chicago Teachers’ Pension Fund, Rhode Island State Pension, and Kern County Employees’ Retirement Association are among the public pensions who have terminated Wamco as a manager. Ventura County Employees’ Retirement Association also placed the manager on its watch list in September.
For more public pension insights and a comprehensive library of public plan minutes, book a demo of Dakota Marketplace! 
