The 1.7 billion Boston City Retirement System terminated five managers following a review by trustees, said Michael Travaglini, executive officer.
Terminated were Mercury Asset Management, Avatar Associates, Nicholas-Applegate, Target Investors and Thorsell, Parker Partners. Mercury managed international equities, Avatar managed a tactical asset allocation portfolio, Nicholas-Applegate managed domestic bonds, and Target and Thorsell Parker managed money in domestic small-cap stocks.
Mr. Travaglini would not say if the city will conduct a search to replace any of the terminated managers.
