Wyoming State Loan and Investment Board, Cheyenne, terminated active core fixed-income manager MacKay Shields from its $1.1 billion portfolio, said Patrick Fleming, chief investment officer.
Mr. Fleming and Mark Gordon, state treasurer, recommended the termination because “fee savings could be obtained by reducing the amount allocated to core fixed income managed by active managers with high fees,” materials from Thursday’s board meeting said.
Mr. Fleming said how all the assets will be redistributed is yet to be determined, but the majority of the assets will be moved to a new, internally managed domestic core fixed-income exchange-traded fund.
The Wyoming State Loan and Investment Board oversees a total of $19.3 billion, including the $6.9 billion Permanent Mineral Trust Fund and $3.3 billion Common School Permanent Land Fund.