Illinois Teachers Retirement System, Springfield, terminated Evercore Asset Management from its emerging managers program for performance.
The $15.5 million managed by Evercore in active domestic smidcap value equities was transferred to an existing S&P 500 index account managed by RhumbLine Advisors and will be reallocated to the systems $500 million emerging managers investment program, said Eva Goltermann, public information officer. About $195 million of the $500 million emerging manager set-aside has been committed.
Andrew Moloff, Evercores CIO, did not return a call by press time seeking comment.
The $38.4 billion systems trustees decided to terminate Evercore at their regular board meeting on Aug. 7, and the small-cap portfolio was liquidated in the ensuing weeks.