Ann Arbor (Mich.) Employees Retirement System terminated Hexavest from a $15 million active international equity portfolio.
The $511 million pension fund's board approved the termination of the manager at its Nov. 19 meeting, recently released meeting minutes show.
The board approved moving the assets to an existing passive international equity portfolio managed by Northern Trust Asset Management, raising it to about $45 million.
The minutes said the board approved the termination following a review of Hexavest's performance and organizational changes at the firm. Robyn Tice, spokeswoman for Eaton Vance, of which Hexavest is an affiliate, could not be immediately reached for comment.
As of June 30, the pension fund's actual allocation to international equities was 13.3%.
Investment consultant Meketa Investment Group assisted.