The North Dakota State Investment Board has terminated two fixed income managers, according to minutes from the December 9 board meeting.
The Manulife Total Return Bond fund was terminated due to the Investment Board no longer wanting to have a short duration securitized mandate. The Manulife account was valued at approximately $467 million between the state pension, legacy fund, and insurance fund at time of termination.
In addition, the SSGA Long U.S. Treasury Index NL Fund was terminated due to the desire to remove direct U.S. long treasury exposure. The account was valued at approximately $100 million at time of termination.
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