Seattle City Employees Retirement System terminated ING and put Calamos on watch for performance, according to recently released minutes of the $2.1 billion systems Nov. 1 board meeting. According to the systems 2006 annual report, Calamos managed $36 million and ING, $19 million, both in domestic stocks.
ING spokesman Dana Ripley said, We are disappointed we lost the mandate. However, we value the relationship and look forward to doing business with them in the future. Peter Nash, Calamos director of investor relations, did not return calls seeking comment by press time.
Separately, the investment committee agreed to add $10 million to the systems in-house portable alpha test program, according to the minutes. No further information was available.
CIO Mel Robertson did not return a call seeking further comment.