Ohio Police & Fire Pension Fund, Columbus, terminated Barings from its $163 million active international small-cap equity portfolio, citing performance, decline of strategy assets and declining conviction in the strategy’s team and investment process.
The $18.9 billion pension fund’s board approved the action at its Sept. 25 meeting, spokesman David Graham said.
The board also approved an invitation-only search to be conducted by staff and investment consultant Wilshire Advisors. An RFP will be issued to targeted managers, Graham said. A timeline for the search has yet to be determined.
Assets from the termination will be allocated to a different investment account until the search is complete, Graham said.
As of July 31, the pension fund’s actual allocation to international equities was 13.8%; the long-term target is 12.4%.
A Barings spokesperson declined to comment.
