Montgomery County Employees' Retirement System, Rockville, Md., terminated Mitchell Hutchins and parked the $50 million in a core equity portfolio with Systematic Financial Management, until it searches for a replacement early next year, said Patrick Bell, senior investment officer. The $2.1 billion pension fund moved the money to Systematic after Joe Joshi left Mitchell Hutchins and joined Systematic as CIO.
The system also is exploring switching the benchmark for its indexed portfolio to the Russell 1000 from the S&P 500, Mr. Bell said.
