The $810 million pension fund terminated the firm because it “so closely followed” the trajectory of the pension fund's existing index fund, the board decided to move the money to the index fund to save on fees.
Mr. Atkeson said the “lion's share” of the portfolio will move into an existing domestic large-cap equity index fund managed by Vanguard Group, which currently has $73 million in pension fund assets.
Also, the pension fund's board voted to redeem its $3 million investment in Henderson Global Investors' Indirect Property Fund. Mr. Atkeson had no further information on the redemption.
Investment consultant Hartland & Co. assisted with both the termination and the redemption.