Virginia Retirement System, Richmond, terminated Progress Investment Management as the fund of funds manager for $140 million in domestic equities, but the $32.5 billion system kept its investment in the underlying funds, said Nancy Everett, CIO. The termination was due to management problems at Progress, she said.
Separately, the system is conducting a shortlist search for an investment consultant to help it screen hedge funds, Ms. Everett said. A selection is expected by the end of March. The system recently added a $500 million allocation to hedge funds, a new asset class.