St Louis' City Employee's Retirement Plan has replaced Investment Counsellors and Paradigm Asset Management with Dresdner RCM and Wellington Management to run $50m (£35m) active US large cap equity mandates.
According to the $500m (£348m) fund's secretary William Duffe, Dresdner will run a $50m growth mandate. Wellington will run a $50m value brief for the fund. Previously, Investment Counsellors ran the growth brief, while Paradigm ran the value mandate.
According to Duffe the contracts were terminated as both managers were consistently lagging behind their respective Russell 1000 benchmarks.
The St Louis fund is run by the city government's personnel department, of which Duffe is director.
By Geoffrey Ho
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