Wyoming State Loan and Investment Board, Cheyenne, terminated RBC Global Asset Management from its $211 million active domestic small-cap equity portfolio, according to a board action report on its website.
The board, which oversees $19.6 billion in state permanent fund assets including the $7.4 billion Permanent Mineral Trust, approved the recommendation by Wyoming state Treasurer Mark Gordon's office at its Oct. 4 meeting. The office recommended the termination as being "in the state's best interest." A further reason was not provided.
RBC was originally hired in 2013 to run $192 million in active domestic small-cap equities following the board's decision to increase active management in the equity portfolios it oversees. How the assets will be reallocated could not be immediately learned.
As of March 31, the actual allocation to domestic equity in the Permanent Mineral Trust, the largest fund the board oversees, was 15.1%.
Patrick Fleming, chief investment officer, did not reply to requests for further information.