Denver Employees Retirement Plan has terminated local currency emerging markets fixed-income manager Pictet Asset Management, said Randall Baum, chief investment officer for the $2.28 billion pension fund, in an email.
Mr. Baum declined to comment on the reason for the termination.
Pictet was the only manager in the asset class, for which the pension fund has an allocation of 2.5%, or about $57 million; the money will be held in a passively managed vehicle until a replacement manager is found, Mr. Baum said.
Summit Strategies Group, investment consultant to the pension fund, will lead an invitation-only search for a replacement. The plan is looking to hire a replacement by midyear, Mr. Baum said.
A spokesman for Pictet Asset Management could not be immediately reached for comment.