Manchester (Conn.) Retirement Allowance Fund terminated Simms Capital, which ran $3.5 million in active domestic large-cap growth equities, because of performance, said Alan Desmarias, director of finance. Officials at the $83 million pension plan split the assets evenly between a $13 million Russell 1000 value fund and a $9 million Russell 1000 growth fund, both run by State Street Global Advisors. Peter Gorman, principal and director of client services for Simms, did not return a phone call requesting comment by press time.
The plans asset allocation is 49% equity, 45% fixed income and 6% real estate. UBS PaineWebber-PRIME Asset advised.