Texaco Inc., White Plains, N.Y., terminated WR Lazard, which managed $30 million in a domestic fixed-income strategy for Texaco's $1.7 billion pension plan.
Texaco spokeswoman Faye Cox said the money from the pension fund's first minority manager has been re-allocated to other firms, but it would not specify how.
Women- and minority-owned money mangers continue to run 13% of the pension fund, she said.
Frankie Hughes, principal at Hughes Capital Management, a woman-owned firm, said the firm recently was awarded an additional $10 million by Texaco and now manages around $26 million for the oil giant in an active bond strategy benchmarked to the Lehman Aggregate Bond index.
WR Lazard did not return phone calls by press time.