Vermont Pension Investment Committee, Montpelier, terminated Strategic Global Advisors from the $67 million in active international small-cap equity portfolios it managed for the $4.1 billion Vermont State Retirement Systems.
The committee approved the termination at its June 23 meeting, recently released meeting minutes show. The reason for the termination was not provided. However, VPIC had placed Strategic Global Advisors on watch in November for performance reasons. Brett Gallagher, SGA president, declined comment on the termination.
Assets will be moved to active international equity portfolios managed by Acadian Asset Management, which will give the portfolios a total of $161 million.
The three pension funds that make up the Vermont State Retirement Systems are the Vermont Municipal Employees Retirement System, Vermont State Teachers Retirement System and the Vermont State Employees Retirement System.
Investment consultant NEPC assisted.
Eric Henry, chief investment officer, could not be immediately reached for further information.
