Anne Arundel County Retirement and Pension System has approved the termination of domestic equities manager, Southeastern Asset Management.
Meeting minutes from the November 15 board meeting cite performance concerns for the reason to terminate.
Southeastern managed a large cap value mandate for the $1.9 billion pension system. $50 million will be moved to Westwood. The value of the Southeastern account at termination was not provided, but as of December 31, 2018 it was valued at approximately $52 million.
Investment consultant, NEPC, assisted with the recommendation to terminate.
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