Southfield (Mich.) Employee Retirement System terminated Great Lakes Advisors from an $8 million active domestic smidcap equity portfolio.
The $129 million pension fund's board approved the termination of the manager due to underperformance at its Nov. 16 meeting, recently released meeting minutes show.
The board approved reallocating the assets to existing active domestic equity managers Champlain Investment Partners, which runs an $11 million midcap portfolio; Walthausen & Co., which runs $8 million in smidcap; and Reinhart Partners, which runs $7 million in smidcap.
Joseph T. Wright, managing director and head of consultant relations at Great Lakes Advisors, declined to comment.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 50.2%; the target is 48%.
Investment consultant AndCo Consulting assisted.
Megan Battersby, the pension fund's retirement program director, could not be immediately reached for further information.