US - The California Public Employees' Retirement System will nearly halve its allocation to AllianceBernstein's international bond mandate and PIMCO's high yield mandate in response to market conditions. The pension fund also plans to sell US$8bn in fixed income assets over the next 12 months.
According to an agenda for the November 16 board meeting, staff will reduce the exposure to AllianceBernstein to US$500m and PIMCO to $100m. AllianceBernstein runs a $978m international bond mandat...
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