Richard Drew/Associated PressPension fund Lacera is planning to slash its exposure to investment-grade bond funds with managers like Blackrock by $6.3 billion.Lacera will add to its hedge fund allocations and invest in US Treasuries as a hedge against equities.
The shift in strategy by the largest county pension system in the United States comes amid a period of historically low interest rates. A spokesperson for Wells Capital, a unit of Wells Fargo, declined to comment on the matter. Pugh Capital and BlackRock did not respond for comment. Mahseredjian did not specify over what period of time the reductions will take place, but noted that"no decision has been made about specific reductions as of now."
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