Illinois State Board of Investment, Chicago, terminated William Blair & Co., which managed $580 million in active U.S. midcap growth equities, for performance, said William R. Atwood, executive director.
ISBI, which oversees $14.8 billion in defined benefit assets, moved the proceeds to a Russell Midcap Growth index fund, managed by State Street Global Advisors, bringing its total to $1.31 billion.
ISBI plans to keep the assets with SSgA and not do a search for another active manager, Mr. Atwood said.
Marquette Associates, ISBI's investment consultant, assisted with the change.
Tony Zimmer, William Blair spokesman, couldn't be reached for comment.