The $2 billion pension fund's board approved the investment committee's recommendation for a full redemption from the investment at its March 10 meeting. The termination was due to the departure of the two co-heads of BlackRock's hedge fund-of-funds unit.
Bryan K. White, managing director and co-head of BlackRock Alternative Advisors, announced in February he would be leaving the unit in the second quarter. Information on the other co-head could not be learned by press time.
The pension fund said the redemption is expected to be completed by August and is targeting that time to recommend a manager to replace BlackRock within its 5% diversifying strategies allocation.
Investment consultant NEPC is assisting.