State of Wisconsin Investment Board, Madison, dropped Baillie Gifford and Capital Guardian as managers of $105 million and $101 million, respectively, in active developed market international equities, said Vicki Hearing, public information officer. She said both firms had been underperforming but declined to comment on the specific reason for the terminations. Officials at the $70 billion board turned over the money from both portfolios to existing manager Fidelity, which now manages $1.042 billion in active international equities for the fund.
Larysa Bemko, Baillie Gifford's client contact in New York, deferred comment to Ross Lidstone, director of marketing, in the firm's Edinburgh office, who couldn't be reached by deadline. Charles Freadhoff, Capital Guardian media relations coordinator, didn't return a call requesting comment by press time.