Shreveport (La.) Employees' Retirement System hired Lord, Abbett to run $20 million to $25 million in active domestic small-cap growth equities, pending contract negotiations, said Don Norris, pension manager. The $177 million plan terminated MacKay Shields from a similar portfolio, Mr. Norris said, because trustees were concerned about performance and style drift. MacKay Shields officials did not respond to a request for comment by press time.
Also, the plan terminated active domestic bond manager Smith Graham for performance and style drift, Mr. Norris said. Smith Graham ran about $15 million; trustees gave that money to existing manager Tattersall Advisory, increasing its active domestic fixed-income mandate to about $70 million, he said. Ronald Johnson, chief strategy officer at Smith Graham, did not respond to a request for comment by press time.
Merrill Lynch assisted.