Chicago Metropolitan Water Reclamation District Retirement Fund terminated Profit Investment Management from a $13 million small-cap growth equity strategy, recently released board meeting minutes said.
Consolidation of the small-cap equity portfolio was cited as the reason for the emerging manager’s termination. Further details could not be learned.
Funding will be transferred to Fiduciary Management Associates, an emerging small-cap value equity manager.
As of March 31, the $1.3 billion pension fund had $14.6 million invested with FMA.
Also as of March 31, the pension fund had $13.1 million invested in Geneva Capital Management, an emerging small-cap growth manager.
Susan Boutin, executive director, was not immediately available for additional information.