Wells Capital Management resigned from an $800 million small-cap equity account for the New York State Common Retirement Fund, Albany, according to a news release from Thomas P. DiNapoli, the state comptroller and sole trustee of the $140.6 billion fund.
The account was closed because Wells “resigned from the account after the departure of the portfolio management team,” the release said. “The fund did not announce immediate plans to allocate the amount to another manager.”
Further information could not be learned. Olayinka Fadahunsi, a spokesman for the comptroller, could not be reached comment.