Meriden (Conn.) Municipal Employee Pension Board terminated ICM Asset Management as a value midcap equity manager for its $194 million fund.
ICM's investment style was out of favor and didn't fit with the board's investment strategy, according to John Miniter, chairman of the board. The $10 million portfolio was reallocated among other managers.
Representatives from ICM did not return requests for comment by press time.
Separately, existing manager McKinley Capital was hired to manage an additional $5 million in international growth equity. The firm manages $12.3 million in all-cap growth equity. A.G. Edwards Asset Performance Monitor assisted.