Idaho Public Employee Retirement System, Boise, terminated Columbus Circle, which managed $200 million in active domestic small-cap equities for the $6.5 billion pension plan, due to personnel changes at the firm, said Robert M. Maynard, chief investment officer. Plan officials have not decided how the money will be allocated permanently; the plan may be too heavily weighted in small-cap equities, he said. Mr. Maynard would not say how the money is being managed pending a decision. Searches are possible, Mr. Maynard said. The plan is not using a consultant to decide on the allocation at this point, said Richelle Sugiyama, investment officer.
Separately, the plan hired Clearwater Advisors as its first cash manager, Ms. Sugiyama said. The system has about $175 million in cash, Mr. Maynard said.