New Mexico PERA Places Manager on Watch
March 14, 2007
In an odd twist of events, the investment committee of the $11.5 billion New Mexico Public Employees' Retirement Association (NMPERA) approved a contract extension for a manager who was also recently placed on the plan's watch list, said Robert Gish, director of investments at the Santa Fe fund.
Voyaguer Asset Management is being monitored for the $175 million small-cap mandate that the firm has managed since March of 2005. Despite the manager's watchlist status, NMPERA approved a two-year contract extension.
"Voyageur was placed on watch status and the board agreed to extend their contract, subject to monthly reviews from our general investment consultant, R.V. Kuhns & Associates," Gish said. "Voyageur is on the watch list because they have underperformed their benchmark, the Russell 2000 Growth Index. The two-year extension is used to conform to all other investment management manager contracts, the contract may be terminated by either party upon 30 days written notice."
Calls to Voyaguer were directed to Bridget Tompkins, director of client service for the firm. She did not return calls by press time.
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