Massachusetts Pension Reserves Investment Management Board today terminated ValueQuest/TA because the manager no longer was ``a good fit for us,'' said Scott Henderson, PRIM executive director and general counsel.
ValueQuest managed $328 million in large-cap value domestic equity for the $23 billion fund. The firm was hired in 1993 with the Wilshire Large-Cap Value index as a benchmark. Boston-based PRIM switched all large-cap managers to the S&P 500 benchmark in 1996 and began to limit the use of active large-cap managers, Mr. Henderson said.
ValueQuest's assignment will be placed temporarily in a State Street Global Advisors' S&P 500 index portfolio. PRIM officials are uncertain whether the fund will hire a replacement value manager.
This is the only action to come from PRIM's recent review of its domestic equity managers. A review of bond managers will begin in late August or September; international managers will be reviewed in November.
