Wyoming State Loan and Investment Board, Cheyenne, terminated Lazard Asset Management from a $325 million active domestic all-cap equity portfolio, said Patrick Fleming, chief investment officer, in an email.
The termination was the result of the board's approval in April of changes in the target allocations of the nine funds the board oversees, which total $20.2 billion in assets.
Within the $7.2 billion Permanent Mineral Trust Fund, $188 million Permanent Land Fund and $21 million University Permanent Land Fund, which share asset allocations, the target to broad domestic equities was dropped to 10% from 16.7%.
The $3.4 billion Common School Permanent Land Fund, $570 million Hathaway Scholarship Endowment Fund and $118 million Higher Education Endowment Fund each dropped their target to broad domestic equities to 8% from 16.7%.
Mr. Fleming said the assets will eventually be reallocated to master limited partnership and preferred stock managers. The Common School Permanent Land Fund, Hathaway Scholarship Endowment Fund and Higher Education Endowment Fund created new targets in April of 6% to MLPs and 2% to preferred stock.
Separately, the board approved changing Arrowstreet Capital's $430 million portfolio to an active international equity portfolio from global equity.
The board also oversees the investment management of the $5.6 billion State Agency Pool of operating funds, $1.9 billion Workers' Compensation Fund and $83 million Pool A Investment Account, which includes the Tobacco Settlement Fund.
Investment consultant RVK assisted.
