Key West Utility Board powers $5 million investment in global bond fund
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Key West (Fla.) Utility Board General Employees Retirement System invested $5 million in PIMCO Global Bond Opportunities Fund (Unhedged).
The $106 million pension fund’s board approved the investment in the active global fixed-income mutual fund managed by
Pacific Investment Management Co. at its Dec. 15 meeting, said Timothy Nash, consultant at
AndCo Consulting, the pension fund’s investment consultant.
At that same meeting, the board approved liquidating its $5 million investment in Templeton Global Bond Fund, an active global fixed-income mutual fund managed by Franklin Templeton.
Mr. Nash said Franklin Templeton was terminated due to performance concerns. Franklin Templeton spokeswoman Stacey Coleman could not be immediately reached for comment. AndCo Consulting assisted.