Updated with correction
New York State Common Retirement Fund, Albany, terminated five domestic equity managers within its two manager-of-emerging-managers programs, confirmed Eric Sumberg, spokesman for state Comptroller Thomas DiNapoli, the sole trustee for the $160.4 billion pension fund.
Three managers within FIS Group’s program and two managers in Progress Investment Management’s program were terminated for strategic reasons, Mr. Sumberg wrote in an e-mail. All portfolios were actively managed domestic equity portfolios, and all asset numbers are as of March 31. The changes were made at the recommendation of Progress and FIS.
The three managers in FIS’ program were Denali Advisors, which ran $63 million in large-cap value; Herndon Capital Management, with $51 million in midcap growth, and Mastrapasqua Asset Management, $63 million in large-cap growth.
The two managers in Progress’ program were Credo Capital Management, which ran $63 million in midcap growth; and Fan Asset Management, which ran $158 million in midcap.
Mr. Sumberg wrote the assets in both programs will remain the same, and a new manager lineup will be announced soon.
As of March 31, 2012, the most recent data available, FIS oversaw $781 million in assets under management, while Progress oversaw $1.2 billion.
Tina Byles William, CEO and chief investment officer of FIS Group, and Alex Hsiao, chief investment officer of Progress Investment Management, did not return phone calls for further information by press time.
Robert Steyer contributed to this story.