Fonds de Reserve pour les Retraites, Paris, terminated BlackRock, which ran €478 million ($657 million) in U.S. small-cap equities, according to the €35.7 billion fund’s website.
The manager was terminated for “unsatisfactory investment results,” according to the website. Calls to BlackRock’s London press office for comment were not returned by press time.
In June, the FRR terminated another U.S. small-cap equity manager, Nicholas-Applegate Capital Management, which ran €172 million.
An FRR spokeswoman could not be reached for further information by press time.