Ohio State Highway Patrol Retirement System, Columbus, terminated Ancora Advisors from a $13 million active domestic micocap core equity portfolio, said Mike Press, chief investment officer.
The $894 million pension fund's board approved the termination at its meeting Thursday following a review of its public equities portfolio, Mr. Press said. He said the termination was not performance-related, but the board felt it no longer wanted to have a dedicated microcap equity portfolio.
How the funds will be specifically reallocated has yet to be determined, but they will be among other equity managers.
The target and actual allocation to domestic equities is 30%, Mr. Press said.
Investment consultant Clearstead assisted.