Alaska Retirement Management Board, Juneau, terminated domestic small-cap equity manager Luther King Capital Management because of underperformance, said a board meeting summary provided by Judith Hall, liaison officer.
The retirement board had $75 million invested in the strategy, which now will be managed internally.
Officials at Luther King were not immediately available for comment.
Separately, staff members will internally manage up to $200 million in a U.S. smart-beta or factor-based strategy and will contract with Scientific Beta for the constituents of its multibeta multistrategy indexes.
A funding source has not been determined, according to the summary of the June 23-24 meeting. Further information could not immediately be learned.
The board oversees more than $28 billion in retirement assets and has a 26% broad domestic equity target.
