Pacific Investment Management Co. and Western Asset Management Co. were replaced as advisers on a bond fund they managed for consultant Mercer.
The fund, formerly known as the Mercer Core Opportunistic Fixed Income Fund, had about $1.1 billion in assets as of Sept. 30, according to a semi-annual report filed with the U.S. Securities and Exchange Commission. The Mercer Core Fixed Income Fund will be managed by Income Research & Management and the investment unit of Prudential Financial Inc., according to a regulatory filing yesterday by New York-based Mercer, a unit of Marsh & McLennan Cos.
(See also: Pimco replaced by TCW as manager of $1.3B bond fund)
The core fixed income strategy is part of about 10 Mercer funds offered as collective trusts to institutional investors that use subadvisers to manage funds, according to Mercer's website and the semi-annual report.
Bruce Lee, a spokesman for Mercer, declined to comment as did Mary Athridge, a spokeswoman for Western Asset parent Legg Mason Inc and Mark Porterfield, a spokesman for Pimco.