(Reuters) Massachusetts' $50.6 billion pension fund on Wednesday fired a Legg Mason Inc (LM.N: Quote, Profile, Research, Stock Buzz) unit run by fund manager Bill Miller and four other fund firms from managing a $1.8 billion U.S. stocks portfolio due to poor performance.
The pension fund, at a board meeting, approved transferring about $1.4 billion of the $1.8 billion portfolio to asset manager State Street Global Advisors, a unit of State Street Corp (STT.N: Quote, Profile, Research, Stock Buzz). State Street will manage the assets as an index mandate linked to the Russell 3000 index portfolio, the fund said.
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