Burlington (Vt.) Employees' Retirement System doubled Lazard Asset Management's active international value equity portfolio, to $4 million, said Cindy Davis, retirement administrator. Funding came from reducing an ADR portfolio run by Nicholas-Applegate by $2 million, to $9 million, Ms. Davis said. Lazard also runs $7 million in active domestic large-cap value equities for the $85 million pension plan.
Plan officials were concerned about performance and organizational changes at Nicholas-Applegate, and the firm will be informally monitored for the next three to four months, she said. Sue Hunter, Nicholas-Applegate spokeswoman, would not comment.
Consultant Morgan Stanley assisted.