Florida State Board of Administration, Tallahassee, placed on watch Pyramis Global Advisors and Schroder Investment Management, which run a total of about $3 billion, according to an FSBA report.
Pyramis was added to the FSBA’s watchlist for organizational issues for two portfolios: a $1.8 billion enhanced international developed all-cap equity portfolio tracking the MSCI World ex-U.S. index customized for Iran and Sudan exclusions and a $411 million active international developed small-cap equity portfolio.
Information was unavailable from FSBA on the organizational changes of concern. However, Pam Holding became chief investment officer, effective Jan. 1, replacing Young Chin, who retired, a change Pyramis announced in October.
Schroders, which manages $822 million in active global equities, was placed on watch because of the departure of Virginie Maisonneuve, lead portfolio manager and head of global and international equities, according to John Kuczwanski, FSBA communications manager. She was scheduled to join Pacific Investment Management Co. as managing director and global head of equities portfolio management. Mark Porterfield, PIMCO spokesman, couldn’t be reached.
Mercer, FSBA’s investment consultant, recommended the board place the managers on watch, according to the report.