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Illinois State Universities drops Lombardia small-cap strategy

Illinois State Universities Retirement System, Champaign, terminated Lombardia Capital Partners as a domestic small-cap value equity manager, said a news release from the $16.9 billion pension fund.

The reason for Lombardia's termination could not immediately be learned. The pension fund had $116 million invested in the strategy. In an attempt to rebuild the firm after a period of severe net outflows, Peter Lopez and Vincent Williams were named co-CEOs of Lombardia in February, replacing Alvin Marley. Mr. Lopez was previously a portfolio manager and Mr. Williams was head of marketing and client services. Mr. Marley is staying on as a senior portfolio manager.

Lombardia continues to manage $23 million for the pension fund in an international equity strategy.

Separately, the pension fund rescinded its search for a private equity fund-of-funds manager, which was launched in June. Staff is reviewing the pension fund's approach to the asset class, according to the release.

The pension fund's domestic equity, international equity and private equity targets are 23%, 19%, and 6%, respectively.

A spokeswoman could not immediately be reached for additional information