Miami General Employees' and Sanitation Employees' Retirement Trust terminated Allianz Global Investors from a $16 million active international value equity portfolio, recently released board meeting minutes said.
The $612 million pension fund cited underperformance as the reason for the termination and parked the assets in a State Street Global Advisors money market account. KeAllianz Global Investors at Allianz Global Investors did not respond to a request for comment.
The board authorized a search at its Sept. 30 meeting. However, according to board meeting materials, the board is scheduled to vote on a recommendation Friday by investment consultant Southeastern Advisory Services not to conduct a search.
Instead, the consultant recommends reallocating $5.5 million each to existing fixed-income managers Richmond Capital Management and Seix Investment Advisors, giving them $76 million and $41 million, respectively, and reallocating $5 million to a Barings international equity portfolio, giving it $26 million.
Sandra Elenberg, pension fund administrator, did not return a phone call seeking further information by press time.