New Orleans City Employees Retirement System terminated large-cap value domestic equity manager WEDGE without starting a search for a replacement. The trustees for the $375 million defined benefit plan last week decided the plan was invested too heavily in large-cap equities. The $35 million managed by WEDGE likely will end up in an index fund for the short term, said Jerry Davis, chairman of the board of trustees. Eventually, the system will pursue active management.
WEDGE did not respond to calls for comment by press time.