The Connecticut Retirement Plans & Trust Funds, Hartford, terminated BlackRock from running a $778 million scientific active equity portfolio and moved the assets to an S&P 500 index fund, confirmed Christine Shaw, chief of staff to state Treasurer Denise Nappier.
Ms. Nappier is the principal fiduciary for the $25.1 billion Connecticut pension system.
The portfolio, which was placed on the system's watchlist in September 2010, “was no longer a good strategic fit” within the system's fund that invests primarily in stocks of U.S. corporations, Ms. Shaw said.
BlackRock spokesman Brian Beades said his company had no comment.
The Connecticut system also removed BlackRock's core fixed-income mandate from the watchlist in March, Ms. Shaw confirmed. The $660 million portfolio was taken off the list “because of continued outperformance relative to the mandate's benchmark,” Ms. Shaw said. The mandate had been placed on the system's watchlist in March 2010.