Colorado Public Employees' Retirement Association, Denver, terminated active domestic growth equity managers Janus, MFS and TCW, said Katie Kaufmanis, spokeswoman for the $29 billion defined benefit plan. All three were terminated for "poor risk-adjusted investment performance," Ms. Kaufmanis said. Janus ran $370 million in large-cap equities; MFS, $90 million in midcap; and TCW, $43 million in midcap, she said. The money will be transferred to an internally managed fixed-income portfolio, which has a target of 25% of total assets, but only constituted 20% at the end of 2003, she explained.
Calls to representatives of Janus, MFS and TCW were not returned by press time.
Separately, the fund selected Ennis Knupp, PCA and Watson Wyatt as finalists in its search for an investment consultant. Selection is expected in early February.