Memphis Light, Gas & Water Division, Memphis, Tenn., terminated LMCG Investments from a $32 million active domestic small-cap growth equity portfolio, said recently released pension board meeting minutes.
The $1.4 billion pension fund’s board voted to terminate the manager at its July 20 pension board meeting due to underperformance. The manager was originally hired in August 2015, and funded in November, to run $38 million and the assets in the portfolio were “down by 17.1%, or $6.5 million, since inception,” according to the minutes.
Assets were moved to an index fund that was not identified. Investment consultant Gavion assisted.
Greg Mulready, LMCG’s managing director of sales and marketing, could not be immediately reached to provide comment.
Tamara Nolen, Memphis LGW spokeswoman, could not be immediately reached to provide further information.
