The $1.8 billion pension fund's board voted at its Nov. 21 meeting to place the manager on watch due to inappropriate comments by Kenneth L. Fisher, the firm's founder, executive chairman and co-chief investment officer, recently released minutes show.
The comments were made by Mr. Fisher during an Oct. 8 presentation at a conference in San Francisco.
The minutes state that the board voted to place the manager on watch and "send a censure letter related to the inappropriate comments and review the position in Fisher Investments again along with the (regularly scheduled) review of all international investments next year."
A Fisher Investments spokesman could not immediately comment.
As of Sept. 30, the retirement system's actual allocation to international equities was 22.5%; the target is 25%.
Investment consultant Meketa Investment Group assisted.
Officials at the retirement system could not be immediately reached to provide further information.