Illinois State Universities Retirement System, Champaign, terminated NCM Capital Management, which managed $75 million in active U.S. midcap growth equities, confirmed Daniel L. Allen, chief investment officer of SURS.
A SURS staff memo to the board cited “numerous organizational changes and performance concerns with NCM.”
NCM’s proceeds were reallocated to a Dow Jones U.S. Total Stock Market index ex-LPs fund, managed by Northern Trust Asset Management, which had $1.5 billion before the change.
Maceo K. Sloan, NCM chairman, CEO and chief investment officer, couldn’t be reached for comment. Mr. Sloan manages the SURS portfolio, according to the memo.
“At this time, SURS does not plan to conduct a search for another active midcap growth equity manager,” Mr. Allen said in an e-mail. Over the summer, staff and Callan Associates — SURS’ investment consultant — “will evaluate the portfolio and discuss strategy with the board at the Sept 12 … investment committee meeting. An updated annual investment plan will be presented to the board at that time for approval.”
SURS oversees $14.9 billion in defined benefit and $1.2 billion in 401(a) assets.