Ohio State Highway Patrol Retirement System, Columbus, terminated J.P. Morgan Asset Management from a $35 million active domestic core fixed-income portfolio.
The $1.1 billion pension fund terminated the firm primarily to save on fees, said Mike Press, chief investment officer and general counsel.
Assets were reallocated to the pension fund's other active domestic core fixed-income manager, Johnson Asset Management, giving it about $62 million.
Mr. Press said in a phone interview the two portfolios were similar enough that it made sense to consolidate to one manager.
The pension fund's target to fixed income is 6%.
Investment consultant Clearstead assisted.
