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.