Los Angeles City Employees' Retirement System terminated Boston Company Asset Management for performance reasons, minutes from a July board meeting show.
The firm had managed $190 million in active global emerging markets equities. Mike Dunn, spokesman for Boston Company Asset Management, declined comment citing company policy that bars executives from commenting on client relationships.
It is being replaced by Dimensional Fund Advisors, which was hired in February following an RFP.
Separately, LACERS is committing up to $10 million to new private equity firm Oak HC/FT Partners' first fund, Oak HC/FT Partners. The fund has a $400 million target. It was founded this year by Ann Lamont, Andrew Adams and Patricia Kemp, who lead the health-care and financial technology investment department at venture capital firm Oak Investment Partners.
The commitment is being made under a discretionary mandate with the pension fund's private equity consultant, Portfolio Advisors. Staff concurred with Portfolio Advisors' recommendation, a report to the board states.
In other action, LACERS named two finalists in a search for one or more managers to run $135 million in long-only commodities — CoreCommodity Management and Pacific Investment Management Co. The selection was made as a part of an RFP launched in March. General investment consultant Wilshire Associates is assisting. A selection will be made by the board at a future meeting. Further information was unavailable at press time.