Louisiana School Employees’ Retirement System, Baton Rouge, terminated Thornburg Investment Management, which ran about $80 million in active international equities, said Christopher Saik, chief investment officer.
The $1.8 billion pension fund terminated the firm due to underperformance as well as personnel changes, Mr. Saik said. The pension fund will discuss a succession plan for the portfolio at its Oct. 6 investment committee meeting.
It is the latest in a series of terminations by pension funds of Thornburg’s international equity strategy, which had been on a number of pension funds’ watchlists for underperformance earlier this year before the company split the team of William Fries, Lei “Rocky” Wang and Wendy Trevisani, which had been managing both the separate account and mutual fund.
Thornburg spokeswoman Rebecca Carrier said the company does not comment on client decisions.