Fresno County (Calif.) Employees' Retirement Association terminated Ivy Investments as a domestic large-cap growth equity manager, said Donald Kendig, retirement administrator, in an email.
Verus Advisory, investment consultant to the $4.7 billion pension fund, will search for a replacement manager in the same style for the $263 million allocation. Mr. Kendig did not know whether the search would be invitation-only or through an RFP.
The manager was terminated for organizational reasons. "Performance has not helped," Mr. Kendig added.
Ivy Investments spokesman Roger Hoadley could not be reached for comment.
The pension fund had an allocation of 18.1% to domestic equities as of Dec. 31, according to its latest investment performance review.