Fonds de Reserve pour les Retraites, Paris, will search for a manager "in the near future" to replace TCW, which was terminated from a €331.5 million ($423 million) U.S. active midcap equity portfolio because of "ongoing unsatisfactory performance," according to a statement the €25.9 billion fund released today. No further details were available by press time.
A spokesman at TCW parent Societe Generale Asset Management who asked not to be named said the performance of the portfolio had been "positive." The portfolio had been structured to meet the requirements of its five-year mandate, and company officials believe the investment decisions to be rational, he said. "But we respect (the FRR's) right to review mandates and make the decision they have made," he added.
