New York State Deferred Compensation Plan, Albany, terminated an $83 million separate account managed by Manning & Napier for performance, confirmed David Fischer, executive director of the $21.8 billion plan.
The termination will take effect in late September, Mr. Fischer said in an email. The plan's board voted to terminate the manager on Aug. 25.
Traci Legonelli, a spokeswoman for Manning & Napier, declined to comment.
The separate account is part of a white-label fund with an international equity growth mandate with a total of approximately $540 million in plan assets, Mr. Fischer wrote.
Manning & Napier is one of four active managers in the white-label fund, which also has one passive manager. "The assets will be reallocated amongst the existing managers," wrote Mr. Fischer, adding that allocation amounts have not been determined.