Ohio Bureau of Workers' Compensation, Columbus, terminated Mellon Investments from the $134 million active domestic midcap core equity portfolio it manages for the $24.2 billion State Insurance Fund, confirmed spokesman Tony Gottschlich.
The bureau terminated the manager because of the departure of the strategy's lead portfolio manager David Daglio, as well as for continued underperformance. Assets from the portfolio will be used as a source for future obligations for the state insurance fund.
Mellon Investments still runs a $3 billion passive domestic large-cap equity portfolio for the insurance fund. Mellon Investments spokesman Stan Neve declined to comment.
Investment consultant RVK assisted.
Ohio Bureau of Workers' Compensation oversees the money management of $26.4 billion in insurance funds.
