Equity manager Lynmar Capital Group will close as of April 30, according to a fax the firm sent March 19 to the Illinois State Board of Investment, Chicago.
After receiving the announcement, ISBI terminated Lynmar, which was managing $115 million in U.S. active large-cap growth equities for the board, said William R. Atwood, executive director of the $10.1 billion board.
Marilyn J. Dicks-Riley, founder, president and CEO of Marlton, N.J.-based Lynmar, said in the fax that she “will retire April 30 from the investment management business” and “will be permanently closing Lynmar.”
She couldn’t be reached for comment.
Lynmar has $619.9 million in assets under management in 46 accounts, mostly from pension funds, according to its investment advisory registration with the Securities and Exchange Commission.
The SEC filing lists Ms. Dick-Riley as owning at least 75% of the firm and Keith Augustus Graham, executive vice president, and Sherri E. Jones, chief compliance officer, as owning less than 5% each.
ISBI had planned to place Lynmar on a watchlist during its March 19 meeting because of performance reasons, Mr. Atwood said.
ISBI will place the $115 million from Lynmar into an existing Russell 1000 Growth equity index fund managed by RhumbLine Advisers, raising it to $352 million, Mr. Atwood said.
“Long term we haven’t figured out yet what we will do with the funds,” he said.