JPMAM managed about $100 million in active emerging markets equity and was terminated because of personnel changes, Mr. Simon said in a telephone interview. The assets are being transferred to a State Street Global Advisors passive equity strategy. The pension fund is in the final stages of hiring a new active emerging markets equity manager, with a decision expected within the next two months, Mr. Simon said.
K2 managed about $60 million in a commodity hedge fund-of-funds portfolio. The termination is part of the pension fund's strategy to have internal oversight over direct investments in hedge funds. The six underlying hedge funds will remain part of the portfolio.