Wyoming State Loan and Investment Board, Cheyenne, terminated Manning & Napier from its $228 million active international equity portfolio, said Patrick Fleming, chief investment officer, in an email.
The board voted at its meeting on Aug. 10 to terminate the manager as "a continuation of our portfolio review to reduce fees and increase our risk-adjusted returns," Mr. Fleming said.
"This is an ongoing process where we are looking to reduce exposure to managers with a lower ratio of costs vs. alpha production," he added.
Assets will be moved to an existing passive international equity portfolio managed by Northern Trust Asset Management, giving it a total of about $1.03 billion. Mr. Fleming said there are no plans to seek a replacement manager.
A Manning & Napier spokeswoman declined to comment.
The board oversees a total of $20.2 billion in assets, including the $7.2 billion Permanent Mineral Trust Fund, the $3.4 billion Common School Permanent Land Fund and the $1.9 billion Workers' Compensation Fund.
Investment consultant RVK assisted.