Wayne County Employees' Retirement System, Detroit, terminated Mar Vista Investment Partners from a $10 million active domestic large-cap growth equity portfolio.
The $1.3 billion pension fund's board approved the termination at its July 26 meeting, recently released meeting minutes show.
At the July 26 meeting, investment consultant AndCo Consulting recommended the termination because multiboutique holding company 1251 Asset Management purchased a minority stake in Mar Vista that has resulted in Mar Vista no longer qualifying as a minority-owned firm, the minutes show. Mar Vista was originally hired by the board in August 2020.
A spokesman for Mar Vista could not be immediately reached for comment.
The board voted to park the assets in a Russell 1000 index fund and conduct a search for a replacement manager. The name of the index fund manager was not disclosed in the minutes.
AndCo Consulting assisted.
Robert Grden, executive director, could not be immediately reached for further information.