SPRINGFIELD, Ill. -- The Teachers' Retirement System of Illinois terminated portfolios managed by Hotchkis and Wiley, and Brandywine Asset Management.
The moves, due to poor performance and duplication, came after a comprehensive review of seven of the $21 billion fund's managers.
The $500 million run by Hotchkis and Wiley, Los Angeles, in active large-cap domestic stocks was placed in an S&P 500 index fund run by State Street Global Advisors, Boston; the $130 million in active international equities run by Brandywine of Wilmington, Del., was put in an SSgA EAFE index fund.
Hotchkis will continue to manage $12 million in a small-cap value portfolio, $99 million in international equity and $158 million in cash management for the fund.
Officials of both firms declined to comment on the terminations.
Keith Bozarth, executive director, said trustees will discuss the manager lineup -- including potential searches for replacements for the terminated portfolios -- upon completion of an asset allocation study being conducted by Strategic Investment Solutions.
