New Orleans Employees Retirement System terminated both its active international growth equity managers for performance: US Trust, which managed $21 million, and Waddell & Reed, which ran $6.4 million, said Jerome Davis, board chairman. Other managers will have latitude to make investments in the asset class, but the fund will not have any dedicated international equity managers. The $360 million pension plan will keep the money in cash until the end of the first quarter, when its search for fixed-income managers is due to conclude and when further allocation decisions will be made, he said.
A spokeswoman for US Trust, who didnt want to be identified, declined comment. Thomas Mengel, senior vice president at Waddell & Reed, didnt respond to requests for comment by press time.