Massachusetts' $50.6 billion state pension fund fired five money managers on Wednesday, including the Legg Mason (LM - Get Report) fund overseen by investment guru Bill Miller, due to poor performance.The fund's board approved the transfer of about $1.4 billion from the firms -- including Legg Mason Capital Management, Ariel Investments, NWQ, Mazama Capital Management and Gardner Lewis -- into State Street Global Advisors, which is run by State Street (STT - Get Report), according to news reports. State Street will link the assets to the Russell 3000 index portfolio.
Bill Miller Fired by State Pension Plan
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