Ameren Corp., St. Louis, hired Baillie Gifford, BlackRock and Sanderson Asset Management to run a total of $142 million in international equities for the firm's $2.9 billion defined benefit plan, said Mary Ellen Brown, supervisor-trust investments.
Baillie Gifford and Sanderson Asset will run active portfolios of $81 million and $48 million, respectively, and BlackRock will run $13 million in a passive strategy.
Funding comes from the terminations of AllianceBernstein and Capital Guardian Trust, which ran about $71 million and $64 million, respectively, in international equities.
AllianceBernstein was terminated for performance; CapGuardian was also terminated for performance and also because the plan sought “better correlation analysis,” Ms. Brown said in a telephone interview.
John Meyers, AllianceBernstein spokesman, declined to comment; CapGuardian spokesman Chuck Freadhoff said it is the firm's policy is not to discuss their clients or their decisions.
