Minnesota State Board of Investment, St. Paul, terminated UBS Global Asset Management from a $200 million active international equity mandate because of organizational concerns, said Howard J. Bicker Jr., executive director.
UBS spokesman Kris Kagel declined to comment.
The board, which oversees $47 billion in assets, also is getting $30 million back from Voyageur Asset Management because the firm is closing its active U.S. large-cap growth equity strategy and a similar midcap strategy. Voyageur spokesman Steve Riesterer confirmed the closures, saying the two strategies are mostly used by retail investors and the firm wanted to concentrate more on institutions. Voyageur is returning about $1.4 billion of client assets from the two strategies.
The money from UBS and Voyageur will go into cash, Mr. Bicker said.