Florida State Board of Administration, Tallahassee, placed three active U.S. equity managers running $1.5 billion on watch, while it removed two managers running $3.9 billion from watch, said a report for the FSBA.
Jackson Square Partners — which manages $1.3 billion in large-cap growth — was placed on watch for its “need to build out compliance and operations capabilities” as it “transitions away from the services previously provided” by Delaware Investments. JSP was formed in February as a joint venture between Delaware Investments and its focus growth investment team.
TAMRO Capital Partners — which manages $137 million in small-cap core — was cited for performance and organizational issues.
Cupps Capital Management — which manages $129 million in small-cap growth — was put on watch for performance and personnel changes.
Michael C. Sahakian, TAMRO partner and director of client service, declined to comment. Andrew S. Cupps, president and chief investment officer at Cupps, couldn’t be reached for comment.
BlackRock was removed from watch after resolving concern about portfolio management changes. BlackRock, which was placed on watch earlier this year, manages $2.4 billion in an enhanced fixed-income strategy tracking the Barclays Capital U.S. Intermediate Aggregate index.
INTECH Investment Management was removed from watch after resolving organizational concerns. INTECH manages $1.4 billion in an active global core equity portfolio.
Mercer, FSBA’s investment consultant, prepared the report recommending the changes.
FSBA oversees $179.1 billion in assets.