St. Paul (Minn.) Teachers' Retirement Fund Association terminated activist hedge fund firm Corvex Management from a $13 million portfolio, according to minutes of the $956 million pension fund's Nov. 15 board meeting.
Corvex's portfolio was redeemed for organizational reasons, according to the minutes.
Also, the pension fund plans to look for its first active emerging markets equity manager. Details were not provided in the minutes and it is not known whether the $13 million from Corvex or another source will be used to fund that eventual hire.
Pension fund officials could not be reached for further details.
Asset Consulting Group is the pension fund's investment consultant.