Louisiana Municipal Employees’ Retirement System, Baton Rouge, terminated Vontobel Asset Management from an active emerging markets equity portfolio, said recently released board meeting minutes.
The $770 million pension fund’s board voted March 30 to terminate the manager due to the upcoming departure of Rajiv Jain, co-CEO and chief investment officer, from Vontobel this month.
A current portfolio size was not provided. As of June 30, 2014, according to the most recent available financial report, the portfolio had $26 million in assets.
The assets were moved into an emerging markets equity index fund managed by Northern Trust Asset Management.
Investment consultant Meketa Investment Group assisted.
Warren Ponder, the pension fund’s acting director, could not be immediately reached to provide further information.