State of Connecticut Trust Funds, Hartford, terminated J.P. Morgan Investment Management as a manager of $150 million in Japanese equities, said a spokesman for the $15 billion pension fund.
J.P. Morgan's performance since inception on March 31, 1996, was -16.1%, compared with -13.6% for its benchmark, said the spokesman.
The assets were transferred to DSI International, which also manages a Japanese equities mandate for the fund.
Representatives from J.P. Morgan were unavailable for comment.
Forstmann-Leff International created a global derivatives strategies group and hired commodity index specialists Gregory S. Oberholtzer and M. Scott Manolis as managing directors. Both previously worked as vice president and director of the commodity portfolio management group of Jefferies & Co.
The new group will offer institutions exposure to financial and tangible assets through derivatives-based and index-based strategies, as well as tailored hedging strategies.