The $1.4 billion Louisiana Municipal Police Retirement System terminated Oberweis Asset Management from a $25 million domestic equity portfolio. The money will be given to existing manager Pinnacle Associates for its domestic equity portfolio, which is $33 million now.
James Oberweis, president and portfolio manager for Oberweis, wasn't available for comment by press time.
Separately, the fund placed SKBA Capital Management on watch for performance. SKBA manages $123.5 million in active domestic large-cap stocks. Andrew W. Bischel, president and CIO of SKBA, declined to comment.
The fund also will add $25 million each to a $59 million domestic equity portfolio run by Sterling Asset Management and a $178 million international equity portfolio run by William Blair. Funding will come from reducing a $209.3 million fixed-income portfolio run by State Street Global Advisors and a $150.7 million fixed-income portfolio run by Orleans Capital, according to minutes released Nov. 22 from an October board meeting. No further details were available. Charles Hall, CIO and actuary, was not available for comment. Consultant Summit Strategies Group is assisting.