Louisiana State Employees' Retirement System, Baton Rouge, terminated Mondrian Investment Partners from its $200 million active international small-cap equity portfolio.
The $13.1 billion pension fund terminated the manager due to performance concerns, said Bobby Beale, chief investment officer.
Assets from the termination will be reallocated to Goldman Sachs Asset Management, the pension fund's other active international small-cap equity manager, giving that portfolio about $500 million, said Beale.
James Brecker III, head of global client service and business development at Mondrian, declined to comment.
As of Sept. 30, LASERS' actual allocation to international small-cap equities was 3.9%; the target is 4%.
