New Mexico State Investment Council, Santa Fe, terminated three active equity managers, which ran a combined $1.013 billion, for performance, said Charles Wollmann, spokesman for the $14.1 billion system.
Dropped were Beekman Capital Management, which ran $362 million in domestic smidcap growth; Carret Asset Management, $256 million in domestic large-cap core; and Simms Capital Management, $242 million in domestic large-cap growth and $153 million in international developed markets.
Also terminated was hedge fund-of-funds manager EIM USA, which handled $112 million, Mr. Wollmann said. EIM was terminated over personnel issues.
The portfolios will be reallocated across other asset classes as part of the system’s new asset allocation, he said.
A person reached by telephone at Beekman Capital said the firm declined to comment. “We are exploring all of our options at this time,” said Art Poltrack, Simms Capital CFO; he would not elaborate. Marco Vega, COO at Carret, was unavailable for comment.
