New Mexico Educational Retirement Board, Santa Fe, decided not to extend WAMCO’s contract to manage $564 million in core fixed income, which is set to expire in February, said Bob Jacksha, chief investment officer of the $8.2 billion fund.
The board is researching whether to replace the core fixed-income strategy with other credit strategies. Searches may result, either by RFP or invitation to bid, but there is no timetable, Mr. Jacksha said.
Separately, the board terminated active large-cap equity managers Goldman Sachs, which ran $366 million in growth, and Brandywine, $346 million in value, and moved the assets to a passive in-house portfolio.
The board also decided to extend for one year the contract with Wachovia Global Securities Lending to oversee $6.4 billion in lendable securities. Wachovia’s contract was set to expire Sept. 30, he said.