Illinois State Board of Investment puts Credo Capital on watch

Illinois State Board of Investment, Chicago, put Credo Capital Management on watch for performance, said William R. Atwood, ISBI executive director.

Credo Capital manages $62 million in active U.S. midcap growth equities and was put on watch for performance, Mr. Atwood said.

Theodore M. Alexander, Credo managing partner, said in a statement, “It's our firm's policy not to comment about client-related issues.”

Also, Templeton Investment Counsel was put on watch for the $457 million in active international large-cap equities it manages for ISBI, Mr. Atwood said. The action was taken because Gary P. Motyl, president of Templeton Investment Counsel and chief investment officer of Templeton Global Equity Group, which oversees the portfolio investments, died June 18.

Norm Boersman was named CIO of Templeton Global Equity in July, while Cindy Sweeting was named president of Templeton Investment Counsel, said Stacey Coleman, head of corporate communications, North America. Ms. Sweeting continues as director of portfolio management for Templeton Global Equity.

Ms. Coleman said Templeton doesn't comment about its clients' actions.

The $11.4 billion ISBI has no time frame for taking further action on the managers, Mr. Atwood added.