Manchester (N.H.) Employees’ Contributory Retirement System terminated Standish Mellon Asset Management from a $9 million active emerging markets debt portfolio, said Gerard Fleury, executive director.
The $198 million pension plan terminated the manager at its board meeting on Tuesday due to its decision to exit the asset class, Mr. Fleury said. He said the board was disappointed with the performance of the asset class overall and not specifically Standish Mellon.
The assets are temporarily parked in an S&P 500 exchange-traded fund. Mr. Fleury said the pension fund’s investment committee will receive education on unconstrained fixed income at its Jan. 7 meeting as a potential new asset class.
Melissa Cassar, Standish Mellon spokeswoman, could not immediately provide comment.
Investment consultant NEPC assisted.