Oregon Investment Council, which runs the $52 billion Oregon Public Employees Retirement Fund, Salem, terminated T. Rowe Price from an $800 million active international growth equity portfolio because of performance and personnel changes, said Kevin Max, spokesman. The council will likely reallocate the money to fund's existing international growth equity managers, he said. T. Rowe Price was one of 13 non-U.S. equity managers as of March 31, according to an asset summary on the council's website. Other managers included Acadian Asset Management, Alliance Capital, Arrowstreet, Barclays Global Investors, Brandes, Fidelity, Genesis, Lazard, Marvin & Palmer, Montgomery Asset, TT International and Walter Scott & Partners. Steve Norwitz, spokesman at T. Rowe Price, said the firm does not comment on separate-account relationships with clients.
Separately, the council hired Russell Investment Group to run a cash overlay program on top of the approximately $500 million the pension fund has in "friction cash," which includes money from private equity distributions, Mr. Max said. It also committed up to $100 million each to Wellspring Capital Partners Fund IV and Diamond Castle Partners IV, both private equity funds. In real estate, the council approved a $50 million investment in the Starwood Capital Hospitality Fund I and a $25 million co-investment with Starwood Capital Group for the firm's acquisition of French Holding company Groupe Taittinger SA.