Austin (Texas) Police Retirement System is liquidating its $16.1 million investment in the KBI Eco Water Fund, CEO Sampson Jordan said in an e-mail.
“The decision was based on consolidating four international (equity) managers into three and reducing duplication of equity holdings,” Mr. Jordan wrote.
Thompson, Siegel & Walmsley, an international large-cap manager; Driehaus Capital Management, an international small-cap manger, and LMCG Investments, an emerging markets equity manager, will be retained.
The KBI fund, managed by Kleinwort Benson Investors, “is a sector fund holding large-cap equities,” Mr. Jordan added.
Assets will be reallocated to Thompson, Siegel and Walmsley and LMCG. The current sizes of those portfolios could not be learned by press time.
The $660 million pension fund has a 15% target allocation to international equity.