Seattle City Employees' Retirement System placed cash overlay manager and transition manager Russell Investments on watch for organizational changes, said Jason Malinowski, chief investment officer, in an email.
The $2.6 billion pension fund placed the manager on watch because Russell "was purchased last year and there have been organizational changes and turnover that has impacted the department responsible for overlay," according to the minutes.
SCERS originally hired Russell in 2013 to equitize excess cash held by both the plan in general and individual managers, as well as use the overlay for rebalancing purposes.
The pension fund and investment consultant NEPC will review Russell's status in 12 months, according to the minutes.
TA Associates agreed in October 2015 to purchase Russell Investments for $1.15 billion from the London Stock Exchange Group. The sale closed in 2016.