St. Louis County Retirement Plan, Clayton, Mo., terminated LSV Asset Management from a $28 million active emerging markets equity portfolio.
The $870 million pension fund's board approved the termination at its March 25 meeting, said Susan Daniels, retirement plan administrator, in an email.
Assets were relocated to the pension fund's other active emerging markets equity, Acadian Asset Management, giving the manager a total of $70 million in assets in the pension fund.
Investment consultant Asset Consulting Group recommended the termination because LSV's strategy had a value tilt and ACG "prefers a style neutral implementation across asset classes," according to the minutes. The minutes noted Acadian's portfolio is style neutral.
ACG also said at an overall target allocation of 6.75% to emerging markets equity, implementing emerging markets equity through one manager "can be prudent."
Asset Consulting Group assisted.