New York State Deferred Compensation Plan, Albany, terminated an $83 million separate account managed by Manning & Napier for performance, confirmed David Fischer, executive director of the $21.8 billion plan.
The termination will take effect in late September, Mr. Fischer said in an email. The plan's board voted to terminate the manager on Aug. 25.
Traci Legonelli, a spokeswoman for Manning & Napier, declined to comment.
The separate account is part of a white-label fund with an international equity growth mandate with a total of approximately $540 million in plan assets, Mr. Fischer wrote.
Manning & Napier is one of four active managers in the white-label fund, which also has one passive manager. "The assets will be reallocated amongst the existing managers," wrote Mr. Fischer, adding that allocation amounts have not been determined.
The active managers are Wellington Management Co. , Dimensional Fund Advisors and MFS Investment Management. Northern Trust Asset Management is the passive manager.