Minnesota State Board of Investment, St. Paul, terminated Schroder Investment Management North America, which ran $95 million in active emerging markets equities, because of high staff turnover and performance, said Howard Bicker, executive director. The assets were reallocated among the fund's other international equity assets. Trustees of the $45 billion system also terminated U.S. Bancorp Asset Management, which handled $50 million in active domestic small-cap equities, because of personnel turnover, Mr. Bicker said. Assets were reallocated among existing U.S. equity managers. Jim Foster, executive vice president of marketing and client service at Schroder, declined to comment.
Separately, board trustees approved committing $10 million to Affinity Capital, a local venture capital manager, and $40 million to Gold Hill Venture Lending, which provides loans to venture capital managers. Funding for both will come from cash.
Trustees also renewed contracts for three of the eight options in its $3 billion deferred compensation plan. Retained were the Janus Twenty Fund, the Fidelity Diversified International Fund and the T. Rowe Price Small-Cap Stock Fund.