Lubbock (Texas) Fire Pension Fund terminated Vanguard Group from its $25 million passive international equity portfolio, recently released board meeting minutes show.
The $197 million pension fund's board approved the termination following a presentation by investment consultant Ellwood Associates on generating further alpha returns. A reason for the termination was not provided.
Funds were split evenly between active global equity managers Dodge & Cox and GQG Partners, giving each manager $31 million.
As of May 31, the actual allocation to public equities was 51.7%; the target is 51.5%.
Krista Bailey, plan administrator, referred questions to the minutes.