Minnesota State Board of Investment, St. Paul, terminated Zurich Scudder, which ran $300 million in active international equities, because of organizational changes associated with its acquisition by Deutsche Bank, said Howard J. Bicker, executive director. Further details were unavailable by press time. Joan Gallagher, Zurich Scudder spokeswoman, declined to comment.
The $39.5 billion system also made a private equity commitment to GMAC and gave preliminary approval for a private equity commitment to Warburg Pincus; amounts were not available.
Separately, the board renewed its master custody contract with State Street Bank.