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MassPRIM Axes $1.1 Billion BlackRock Mandate

Massachusetts Pension Reserves Investment Management (MassPRIM), Boston, has pulled $1.1 billion from BlackRock’s active core domestic fixed-income portfolio.

Massachusetts Pension Reserves Investment Management (MassPRIM), Boston, has pulled $1.1 billion from BlackRock’s active core domestic fixed-income portfolio, Pensions & Investments reports. The $46.8 billion fund’s board has temporarily moved the $1.056 billion to a Barclays Capital Aggregate Bond index account until the completion of MassPRIM’s annual asset allocation review in the first two months of 2011.

The move comes due to the poor performance of the money manager. BlackRock managed nearly 8 percent of MassPRIM’s overall assets, with $1.29 billion in passive core fixed income, $1.056 billion in the terminated active core fixed-income strategy and $689 million in active global inflation-linked bonds as well as $563 million in passively managed TIPS.