Chicago Metropolitan Water Reclamation District Retirement Fund terminated Opus Capital Management from a $45.3 million active domestic small-cap value equity portfolio, said Susan Boutin, executive director of the $1.3 billion pension fund, in an e-mail.
Opus Capital Management was terminated over concerns about the firm’s “viability resulting from a significant loss of assets under management,” October board minutes said.
“In spite of a loss of assets recently, we remain profitable and have significant cash reserves,” said Len Haussler, president of Opus Capital Management.
Assets will be divided equally among existing managers Wasatch Advisors and WCM Investment Management. As of Sept. 30, Wasatch and WCM ran about $30.2 million and $24.4 million, respectively, in active domestic small-cap value equity.
Separately, the fund’s investment committee put PNC Capital Advisors’ active domestic large-cap growth equity strategy “on alert” due to the departure of co-portfolio manager Ruairi O’Neill. The pension fund has about $52 million in the strategy.