Massachusetts State Pension Fund drops Bill Miller

August 7th, 2008
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The Massachusetts State Pension Fund pulled $2 billion from their investments in Legg Mason's Bill Miller and four other firms. The change was cited as the result of a shift in the fund's assets away from actively managed funds. The board of the pension fund claimed that those dropped had shown "inconsistent" performance. Other firms dropped were Gardner Lewis Asset Management, NWQ Investment Management, Mazama Capital Management and Ariel Investments. The Massachusetts state pension fund will move the assets into index-based funds such as one tracking the Russell 3000 by State Street Global Advisors.

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