Pensionskasserne Administration, Hellerup, Denmark, has dropped Scottish Widows Investment Management from a 100 million euro ($95.2 million) eurozone equity mandate only seven months after it was awarded.
The assets will be run in-house, said Mette Kirketerp, head of asset allocation and risk management at the 8.8 billion euro plan. Ms. Kirketerp replaced Nina Movin, who left the plan in January. The plan also appointed a new chief investment officer, Troels Gonnegal, to replace Ralph Norstand, who left late last year.
The decision to drop SWIM was related to changes in the management of the plan as well as to dissatisfaction with SWIMs investment philosophy and its administration of the fund. The decision was "not directly related to the December departure of Albert Morillo, SWIMs former head of European equity, nor was it performance related, she said.
SWIM spokesman Alan Young commented, "We continue to be confident in our European and pan-European propositions.
Boston City Retirement System hired Wellfleet Group as its private equity consultant, said Donna Mueller, executive officer. The $3 billion system plans to allocate 5% of assets to private equity, up from its current allocation of 1.5%. It will cut back on domestic equities.