UPDATE 1-NY pension fund axes fund managers due to losses
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NEW YORK, Nov 26 (Reuters) - New York state's pension fund terminated several equity funds with investments totaling $2.3 billion in October, the state comptroller said on Wednesday.
Such decisions typically are made when fund managers underperform, and new advisers are hired.
Two of the funds were managed by Oppenheimer Capital, namely its large-cap account, which in October had investments valued at $765 million, and its mid-cap account, which had $705 million, Comptroller Thomas DiNapoli, a Democrat, said in a statement.
On March 31, investments in the large-cap account stood at $1 billion, which suggests it lost as much as $235 million in the seven-month period.
The mid-cap fund had $594 million back in March, which means its value rose by about $111 million.
A Bank of Ireland account worth $843 million was also shut down. That account held $1.13 billion on March 31.
DiNapoli is the sole trustee for the fund, which had total assets of $154 billion until a bruising drop of 20 percent or so. Its performance has recovered slightly since then. (Reporting by Joan Gralla; Editing by Jonathan Oatis)
