Minnesota State Board of Investment, St. Paul, terminated Montgomery Asset Management, which ran $200 million in active international equities and $100 million in active emerging markets equities. The $39.5 billion system needed the money to pay annuitants, said Howard J. Bicker, executive director.
Separately, the board committed an additional $70 million to a Blackstone private equity mandate; $30 million for venture capital to Lumina, a spinoff of current private equity manager Coral Group; and $50 million to TA Realty for real estate, Mr. Bicker said.
