Duluth (Minn.) Teachers' Retirement Fund terminated ING Pilgrim, which ran $14 million in active domestic small-cap growth equities, because of the departure of portfolio manager Mary Lisanti, said Jay Stoffel, executive director. The $225 million pension plan moved the money to an existing active domestic small-cap growth portfolio run by Disciplined Growth Investors, raising it to $28 million, he said.
Separately, trustees rebalanced the equity portion of the $33 million 403(b) plan and reduced MetWest's $18 million S&P 500 index fund to $9 million, Mr. Stoffel said. The money went to three existing managers for the defined benefit plan: Disciplined Growth Investors, which will run $3.6 million in active domestic small-cap growth; Wellington, $3.6 million in small to midcap value; and Putnam, $1.8 million in international. The remainder of the 403(b) plan assets are run by Western Asset in a $12 million core fixed-income portfolio and by Merrill Lynch in a $3 million money market account. The moves were made for diversification, Mr. Stoffel said.
Jeffrey Slocum & Associates assisted.