Arkansas Cops Unload Equity Manager
August 18, 2008
The roughly $215 million Arkansas Police Retirement System has reportedly removed UBS Asset Management from an international equity portfolio.
According to published reports, the fund saw its foreign stock portfolio dip from $50.2 million to $41.7 million during the last fiscal year.
Gail Stone, executive director at the Little Rock plan, could not be reached for additional details by press time. However, local reports indicate that the system will meet with potential replacement managers at its November board meeting.
Meanwhile, the police plan will also meet with firms to potentially replace Western Asset Management. The firm manages a fixed-income portfolio at the fund, according to reports.
Mary Athridge, a spokeswoman for Western Asset, declined comment, as did UBS spokesman Kris Kagel.
Callan Associates advises the plan.
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