Ohio Public Employees Retirement System, Columbus, hired J.P. Morgan Fleming Asset Management to run $230 million in active international large-cap growth equities, Farouki Majeed, deputy director of investments for the $47 billion fund, said in a news release. Funding came from an active international large-cap equity mandate run by Driehaus Capital Management, which was terminated because of organizational changes and poor performance, Mr. Majeed said. Driehaus officials declined to comment. Ennis Knupp assisted with the search.
Separately, the system terminated active international equity manager Nicholas-Applegate, which ran $300 million in large-cap growth and $21 million in small-cap growth, because of "organizational issues, staffing and a downturn in relative performance, Mr. Majeed said. Nicholas-Applegate officials did not return calls seeking comment. The money will be divided among existing international equity managers; Mr. Majeed did not provide further information.