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Pension Funds

Kansas City Employees terminates Wellington over performance

Kansas City (Mo.) Employees' Retirement System terminated Wellington Management from a $52 million fixed-income portfolio, said Barbara Davis, executive officer, in an email.

The $1.1 billion pension fund terminated Wellington due to performance, she said. The pension fund originally hired Wellington to run its global total return strategy in 2014.

Ms. Davis said the assets are temporarily parked with current managers until a scheduled asset-liability study later this year, which may include an overall restructuring of its fixed-income allocation.

Sara Lou Sherman, Wellington spokeswoman, declined comment.