Jacksonville (Fla.) City Retirement System terminated William Blair & Co. from its $97 million active domestic small-cap value equity portfolio.
The $2.5 billion pension fund's board voted at its Feb. 25 meeting to terminate the manager due to the portfolio's "poor stock selection," recently released meeting minutes show.
According to the minutes, the pension fund will move the assets into an index fund until a search for a new active manager can be completed. William Blair spokesman Tony Zimmer declined to comment.
The manager of the index fund and the timing of the search were not provided in the meeting minutes.
As of Dec. 31, the actual allocation to domestic equities was 36.2%.
Investment consultant RVK assisted.
Joey Greive, the city's director of finance and administration/chief financial officer and the board's vice chairman, could not be immediately reached for further information.