Louisiana State Police Retirement System, Baton Rouge, terminated Iridian Asset Management from an $18 million active domestic midcap value equity portfolio, said Irwin L. Felps Jr., executive director.
The $884 million pension fund's board on Wednesday approved the termination of the manager, originally hired in 2015, because of performance concerns, Mr. Felps said. Assets will be reallocated to an existing passive domestic midcap equity portfolio managed by State Street Global Advisors, giving it about $41 million. Mr. Felps said the pension fund might explore replacing Iridian with an active manager at some point but plans to "ride it out" for at least a quarter or two. Before the hiring of Iridian, SSGA was the pension fund's sole midcap manager.
Investment consultant UBS assisted.
Colin Morris, senior vice president, director of market and client service at Iridian, could not be immediately reached to provide comment.