Corpus Christi (Texas) Firefighters’ Retirement System terminated WCM Investment Management as a domestic small-cap value equity manager because of performance and changes in the firm’s investment philosophy, said recently released special board meeting minutes.
Funds will temporarily be transferred to Vanguard Group’s Russell 2000 Value exchange-traded fund until a new manager is selected. Whether the Vanguard fund is a new or existing investment for the fund and how much was invested with WCM could not immediately be learned.
Gracie G. Flores, administrator of the $126 million plan, was not immediately available for additional information.
A WCM official was not immediately available for comment.