Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., terminated WEDGE Capital Management from its $14 million active domestic midcap value equity portfolio.
The $756 million pension fund's board approved the termination for performance reasons at its March 23 meeting, recently released meeting minutes show.
Officials at WEDGE Capital Management could not be immediately reached for comment.
Proceeds from the termination were parked in a Russell Midcap Value exchange-traded fund using Capital Institutional Services as transition manager.
Investment consultant AndCo Consulting assisted.
Silvia Frank, retirement administrator, could not be immediately reached for further information.