Los Angeles County Employees Retirement Association, Pasadena, Calif., terminated American Century Investments, which ran $83 million in active small-cap core equities, for performance, said June Kim, senior investment officer, equities.
Laura Kouri, spokeswoman for American Century, declined to comment.
The $28 billion system moved the money to an active smidcap equity portfolio managed by Westwood Management, raising the portfolio to $150 million, Ms. Kim said.
Separately, LACERA selected the Barclays Capital U.S. Universal index as the new benchmark for the domestic portion of its $9.6 billion fixed-income portfolio, effective March 31, said Robert Z. Santos, investment officer, fixed income. The portfolio had been using a custom benchmark.
The board wanted the benchmark to reflect the broader U.S. bond market and to move from a tactical-weighted blend to a strategic benchmark, he explained.