City of Ann Arbor (Mich.) Employees’ Retirement System terminated Vontobel Asset Management as manager of a $9.2 million active emerging markets equity portfolio.
The board made the decision because of personnel changes at Vontobel based on the suggestion of Henry Jaung, the lead consultant for the $444 million pension fund, recently released minutes from the fund’s March 11 meeting showed. Mr. Jaung is a principal at Meketa Investment Group.
Nancy R. Walker, executive director of the city’s public employee plan, did not return a call seeking more information about the reason for the termination.
However, a number of other pension funds terminated Vontobel or are searching for a potential replacement for various international equity strategies because of the impending departure of Rajiv Jain, co-CEO and chief investment officer of the company’s growth equity boutique.
Some of those plans are the $14.6 billion Illinois State Board of Investments, Chicago; $1.2 billion Chicago Metropolitan Water Reclamation District Retirement Fund; and $638 million Oklahoma City Employee Retirement System.
Ann Arbor ERS trustees approved moving the assets from Vontobel into Northern Trust Asset Management’s Emerging Market Non-Lending Index fund.