Ventura County (Calif.) Employees' Retirement Association terminated Grantham, Mayo, Van Otterloo & Co. as an active global equity manager, confirmed Daniel Gallagher, chief investment officer.
GMO had been on watch at the $4.4 billion pension fund for underperformance, personnel changes and changes in investment processes.
A GMO spokesman declined to comment.
Redeemed funds totaling about $212 million were transferred to existing passive global equity manager BlackRock. The pension fund previously had about $235 million invested with BlackRock.
The pension fund has a 10% target to global equity.