Chicago Municipal Employees Annuity & Benefit Fund terminated Oppenheimer Capital, which ran $285 million in active domestic large-cap value equities, said Terrance Stefanski, executive director. The firm, which had been on a watch list for 21 months, was terminated due to performance, he said. The $5.6 billion fund will distribute the money among existing large-cap value managers Bear Stearns, Wellington, Great Lakes Advisors and Brinson, and a commingled S&P 500 index fund run by Northern Trust; amounts have not been determined. Jeff Sheran, marketing director for Oppenheimer, said the firm had no comment.
The fund also terminated Waddell & Reed, which ran $35 million in active domestic small-cap growth equities, due to style drift, said Mr. Stefanski. The money will be split between existing small-cap growth manager TCW and small-cap core manager TIMCO; amounts have not been determined.
The plan also removed Brinson Partners from its watch list because of positive performance. The firm, which manages $100 million each in active domestic large-cap value equities and core fixed income, had been on watch since June 2000, he said.
Becker Burke assisted.