Nevada Public Employees’ Retirement System, Carson City, terminated Goldman Sachs Asset Management and Quantitative Management Associates for performance, confirmed Ken Lambert, chief investment officer of the $22.5 billion fund.
Mr. Lambert said GSAM ran $600 million and Quantitative, $500 million, in international equities.
Goldman Sachs had underperformed the retirement system’s internal index by 1.2 percentage points over the past two and a half years and Quantitative underperformed by 4.1 percentage points for the same period. Both were hired in 2007, Mr. Lambert said.
He said the assets were placed in an index fund with Mellon Capital until fund officials decide whether to put the mandates out to bid.
Goldman Sachs spokeswoman Andrea Raphael declined comment. A spokesman for Quantitative Management could not be reached.
