Arkansas Public Employees Retirement System, Little Rock, terminated UBS Global Asset Management from a global tactical asset allocation strategy because of performance, according to minutes from a system board meeting.
A date for selection was not specified in the minutes of the $5.3 billion system’s July 20 meeting.
The size of the mandate could not be learned, but according to the system’s 2010 annual report, UBS ran $43.3 million in GTAA for the system.
Consultant Callan Associates is assisting.
UBS spokeswoman Allison Chin-Leong declined to comment, and Gail H. Stone, the system’s executive director, could not be reached for further information.