The board of the Massachusetts Pension Reserves Investment Management (PRIM) has removed Grantham, Mayo, Van Otterloo from a $230 million emerging markets debt mandate.
Tucker Hewes, spokesman for GMO, declined to comment on the situation.
Reportedly, GMO was terminated for poor performance over the last year. The firm will still manage a $500 million emerging markets equity mandate for the plan. GMO was hired by the PRIM board in 2003.
Further details regarding the termination could not be ascertained, as calls to Michael Travaglini, executive director with the $50.6 billion PRIM, were not returned by press time
