New Orleans City Employees Retirement System terminated Advent Capital Management, which managed an $11 million convertible bond portfolio for the $400 million pension plan, said Jerry Davis, board chairman. Fund officials were not satisfied with Advent's performance, and the plan is exiting the asset class entirely, Mr. Davis said. The money will be used to fund upcoming alternative manager hires. Officials at Advent were unavailable for comment by press time.
The board will vote on recommendations from alternatives consultant Graystone Partners in the second or third week of April, Mr. Davis said. He could not provide details about the potential managers or asset classes under consideration.