Fonds de Reserve pour les Retraites, Paris, terminated Deutsche Asset Management, which ran €711 million ($945 million) in active U.S. large-cap value equities, confirmed an official with the €26.65 billion fund, who declined to be identified. The termination was because of significant personnel changes within the portfolios financial management, according to a statement posted on the funds website. The money was run by portfolio manager Tom Sassi, who retired earlier this year.
Most of the money was transferred to standby manager Robeco Institutional Asset Management, according to the statement.
DeAM is inviting its institutional U.S. large cap value clients to switch to quantitative equity strategies, said spokeswoman Mayura Hooper.