New York State Common Retirement Fund, Albany, terminated two domestic large-cap money managers, Lord Abbett and Miller Anderson & Sherrerd. Jeffrey Gordon, spokesman for the $105 billion fund, said both were terminated for ``underperformance to the S&P 500." Calls to both firms weren't returned by press time.
Lord Abbett ran $383 million and Miller Anderson, $372 million.
The fund also terminated two global bond managers - Morgan Grenfell, with $423 million, and Strategic Fixed Income, with $398 million. The board decided against exposure to global bonds, Mr. Gordon said. The $821 million will be transferred to an internally managed fixed-income portfolio, he said.
Of the large-cap money, $300 million was moved to a J.P. Morgan Investment Management enhanced index fund, bringing the total to $643 million. It invested an additional $100 million in a large-cap growth portfolio with Morgan Stanley Asset Management, bringing the total to $275 million. The remaining $355 million was added to cash, Mr. Gordon said.
The fund also reduced its large-cap core portfolio with Salomon Smith Barney by $500 million. It had been $1.4 billion.