San Luis Obispo County (Calif.) Pension Trust terminated domestic equity manager Mason Capital Partners because of significant personnel changes at the money manager, said Carl Nelson, executive secretary and chief investment officer.
Albert D. Mason Inc., an affiliate component of Mason Capital Partners, managed about $180 million total in a diversified equity portfolio and a high-dividend equity portfolio for the pension fund. The departure of a senior investment professional and several analysts from Albert D. Mason earlier this year prompted investment consultant Verus to recommend termination, according to materials prepared for Monday’s board meeting.
Funds will be transferred to an S&P 500 index fund managed by State Street Global Advisors, where about $27 million is currently invested.
A final decision on a replacement manger or managers has not been made.
The $1.2 billion pension fund will re-evaluate its domestic equity portfolio in August, Mr. Nelson said.