University of British Columbia, Vancouver, removed BlackRock as a manager of the balanced fund option in its defined contribution plan, said an announcement on the university’s website.
About 3% of the balanced fund was allocated to a BlackRock hedge fund, which was removed for underperformance, the announcement said. A BlackRock spokesman could not immediately be reached for comment.
The allocation will be split equally among MFS Investment Management and J.P. Morgan Asset Management, existing global equity managers of the balanced fund. As a result, the balanced fund’s allocation to global equities will increase to 24% from 21%.
The university’s defined contribution plan had roughly C$1.7 billion (US$1.6 billion) in assets as of Dec. 31, 2013, according to its most recent annual report.
The balanced fund, which had about C$1.6 billion as of Nov. 30, is the default option for the plan.
An official in the university’s pension administration office could not immediately be reached for additional information.