Board trustees accepted the recommendation of investment staff to immediately terminate the relationship with Holland Capital because the company announced in late August that it is closing and will return client assets within two months, said Aoifinn Devitt, chief investment officer, in an email.
"We decided we didn't want to remain in (the strategy) for the whole wind-down and opted to terminate immediately," Ms. Devitt added.
The Holland Capital assets will be invested in the fund's existing passive large-cap core equity fund managed by Northern Trust Asset Management. The size of Northern Trust's portfolio was not available. Loop Capital was selected as the transition manager for the transaction, Ms. Devitt said.
By way of rebalancing, trustees also approved a $10 million reduction of a $108 million emerging markets equities portfolio managed by EARNEST Partners. The assets also will be parked in the Northern Trust index account to fund unspecified future mandates, Ms. Devitt said.