Sonoma County Employees’ Retirement Association, Santa Rosa, Calif., terminated INTECH from a $100 million active domestic large-cap growth equity portfolio, said Steven Marsh, investment analyst.
The termination is the result of the $2.3 billion pension fund’s decision to go entirely passive for large-cap growth, Mr. Marsh said. He said the decision was not based on INTECH’s performance but from an overall belief due to the competitiveness of the large-cap growth space that passive management made sense.
The assets were moved to a passive domestic large-cap growth equity portfolio already managed by State Street Global Advisors, giving it $200 million.
Investment consultant Aon Hewitt Investment Consulting assisted.