New Hampshire Retirement System, Concord, terminated Aberdeen Standard Investments from a $90 million active emerging markets equity portfolio, said Marty Karlon, pension fund spokesman, in an email.
The $8.7 billion pension fund's independent investment committee at its meeting Friday voted on the termination based on the recommendation of investment consultant NEPC. Mr. Karlon would not provide further comment.
The pension fund split the assets evenly between its two other active emerging markets equity managers, Neuberger Berman and Wellington Management, bringing their portfolios to $177 million and $161 million, respectively.
As of June 30, the pension fund's allocation to emerging markets equity was 3.9% according to preliminary figures, Mr. Karlon said.
Aberdeen Standard officials could not be immediately reached to provide comment.