North Dakota State Investment Board, Bismarck, put two equity managers on watch, said David Hunter, executive director and chief investment officer of the North Dakota Retirement and Investment Office, in an e-mail.
Capital Group was put on watch for an international equity strategy due to a recent announcement that three of the strategy’s seven portfolio managers would no longer be managing the strategy in the near future, Mr. Hunter wrote.
Additionally, Callan Associates was put on watch for a domestic small-cap equity strategy due to “recent changes in multimanager structure, a significant decline in assets under management and recently disappointing results,” Mr. Hunter wrote.
A Callan spokesman declined to comment.
The board has $460 million and $125 million invested in the Capital Group and Callan Associates strategies, respectively.
The retirement and investment office oversees the $10.7 billion investment board, including $4.8 billion in pension assets.