New York State Common Retirement Fund, Albany, has terminated a $21 million small-cap growth portfolio managed by Insight Capital Research & Management, confirmed Olayinka Fadahunsi, spokesman for New York State Comptroller Thomas DiNapoli, sole trustee of the $140.6 billion fund.
In an interview, Mr. Fadahunsi said the termination wasn't based on performance but rather was part of the fund's ongoing reduction of equity exposure following a 2009 asset allocation study. The account was terminated Dec. 31.
Mr. Fadahunsi said the money had not yet been reallocated, but that the “overall reduction in equity exposure allows the fund to direct capital to the new real assets and opportunistic alternatives categories.”
The fund also announced a $100 million investment with Discovery Global Opportunity Partners, an emerging markets-focused hedge fund, according to a news release from the comptroller's office. This is a new relationship for the fund. The investment closed Jan. 1.