Alaska Retirement Management Board, Juneau, terminated three managers and put two others on watch, said a summary of recent board actions provided by a spokeswoman.
The board terminated State Street Global Advisors from five strategies — a Russell 1000 Growth index strategy, a Russell 1000 Value index strategy, a Russell Top 200 index strategy, a managed volatility domestic large-cap equity strategy and a managed volatility domestic small-cap equity strategy.
Assets from the first four strategies, which totaled about $2.7 billion as of July 31, will be transferred to the staff for internal management. Funds from the small-cap managed volatility strategy (about $93 million) will be reallocated within the small-cap pool.
Additionally, the board terminated Allianz Global Investors from an approximately $296 million international large-cap equity strategy and Lord Abbett & Co. from a roughly $55.1 million domestic small-cap growth equity strategy. Funds from Lord Abbett will be reallocated within the small-cap pool. The reasons for the strategies' terminations and where Allianz's funds will be transferred were not disclosed.
Separately, the board put master limited partnership manager Tortoise Capital Advisors and high-yield bond manager Columbia Threadneedle Investments on watch.
Tortoise was put on watch due to ownership changes and the departures of its founders. Columbia was put on watch due to recent senior management departures and fixed-income team departures, although the fixed-income departures are unrelated to the strategy in which the board is invested, the meeting summary said.
As of July 31, the board had $275 million invested with Tortoise and $157 million invested with Columbia.
The retirement board oversees more than $30 billion in defined benefit and defined contribution assets.