Oakland (Calif.) Police & Fire Retirement System terminated Wellington Management from a roughly $34 million real-return portfolio, said David Sancewich, principal at Pension Consulting Alliance, investment consultant to the $390 million pension fund, in an e-mail.
The firm was terminated because of the departure of portfolio manager Rick Wurster, Mr. Sancewich said.
Assets will be split evenly among existing covered calls manager Parametric Portfolio Associates and domestic equity manager Northern Trust Asset Management, until a long-term allocation plan can be reviewed and recommended.
Parametric and Northern Trust managed $63.8 million and $51.9 million, respectively, for the pension fund as of Feb. 29.
