New York State Teachers’ Retirement System, Albany, terminated Lincoln Capital Management, which ran $314 million in active domestic large-cap growth equities, due to performance and personnel changes. The $78 billion system will put the money into its internally run, passively managed Russell 3000 index fund.
Alexander Knowles, marketing director at Lincoln, said, "We had a tough period in the fourth quarter of 2000 and the first quarter of 2001, when big-cap funds got hit hard. Since they’re all doing well now, we wish they (NYSTRS) had stuck with us, but they saw fit to make the change.”
