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 was 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.
Karl Anderson, managing director for Columbus Circle said, "In 2001, Columbus Circles small-cap product underperformed, and that underperformance continued into the first quarter of 2002. As a result, Columbus Circle made changes in the portfolio management team for the small-cap product.
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.