Marin County Employees' Retirement Association, San Rafael, Calif., terminated Columbus Circle Investors from a $110 million small-cap growth equity portfolio, said Jeff Wickman, retirement administrator, in an email.
The reason for the termination was to consolidate the $2.4 billion pension fund's small-cap investments, Mr. Wickman said.
"The (investment) committee's desire was to remove the current value and growth specific styles and move to core only," Mr. Wickman said. "MCERA will also benefit from lower fees in the new core product."
The assets will be transferred to a small-cap core equity allocation managed by Dimensional Fund Advisors, bringing its total to $220 million.
The action was taken at the investment committee's Jan. 24 meeting, Mr. Wickman said.