Fonds de Reserve pour les Retraites, Paris, terminated Nicholas-Applegate Capital Management, which ran €172 million ($212 million) in U.S. small-cap equities, according to the €34.5 billion fund's website.
The manager was terminated for “unsatisfactory investment results,” according to the website.
A spokesman for Allianz Global Investors (into which Nicholas-Applegate was integrated) said the account was a quantitative strategy, and suffered underperformance in the past two to three years as many quants have.
