Monroe County (Mich.) Employees' Retirement System terminated Lazard Asset Management from its $7 million active emerging markets equity portfolio.
The $205 million pension fund's board approved the termination at its Oct. 28 meeting, recently released minutes show.
A reason for the termination was not provided. The pension fund's board approved reallocating $3 million to ABS Investment Management's existing active emerging markets equity portfolio, bringing it to $11 million, with the reminder allocated to a passive international equity portfolio managed by Vanguard Group, bringing it to $31 million.
As of Sept. 30, the actual allocation equities was 59.9%
Investment consultant AndCo Consulting assisted.
Joey Becker, system retirement specialist, could not be immediately reached to provide further information.