Ohio State Highway Patrol Retirement System, Columbus, terminated Aberdeen Standard Investments from a $16 million absolute-return portfolio, said Mark Atkeson, executive director.
The $860 million pension fund's board on Dec. 20 approved the termination, citing performance issues and personnel changes. Aberdeen Standard officials could not immediately be reached for comment.
The retirement fund originally committed $25 million to predecessor firm Standard Life Investments in 2015 and its Standard Life Global Absolute Return Strategies Fund. The pension fund has $97 million in absolute-return investments, or 11.3% of total assets.
Investment consultant Clearstead assisted.