Monroe County (Mich.) Employees' Retirement System terminated Brandywine Global Investment Management from its $4 million active global fixed-income portfolio.
The $223 million pension fund's board approved the termination at its Nov. 7 meeting, recently released meeting minutes show.
The minutes cited the gradual increasing of the strategy's duration for its decision to terminate the manager. Assets were reallocated to the pension fund's only other fixed-income managwer, Boyd Watterson Asset Management, which runs an active domestic core fixed-income portfolio, giving it about $31 million.
Investment consultant AndCo Consulting assisted.
Joey Becker, retirement specialist, could not be immediately reached for further information.