Chicago Metropolitan Water Reclamation District Retirement Fund terminated Hexavest from its $73 million active international large-cap equity portfolio.
The $1.2 billion pension fund reallocated the assets to an existing passive international large-cap equity portfolio managed by State Street Global Advisors. The amount of the portfolio could not be immediately learned.
The pension fund terminated Hexavest due to performance concerns, said James E. Mohler, executive director.
In an emailed response, Robyn Tice, spokeswoman for Eaton Vance, Hexavest's parent company, did not comment on the specific termination, but noted: "In April, Hexavest announced a strategic reorganization of its investment team to streamline the firm’s investment leadership and decision-making and to restore the conditions that contributed to the firm’s history of strong, long-term investment results for clients."
As of March 31, the actual allocation to international equities was 19.5%; the target is 22%.
Investment consultant Marquette Associates assisted.