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Chester County Retirement Board votes to drop Walter Scott, shift assets to Vanguard and increase private real estate
Summary
The Chester County Employees Retirement Board voted Nov. 12 to terminate underperforming manager Walter Scott, move those assets into a Vanguard world ex‑U.S. index fund in tranches and reallocate about $4.5 million from the S&P 500 to Prudential/TA Realty core real estate funds to reduce volatility and cut fees.
The Chester County Employees Retirement Board on Nov. 12 voted to terminate the county’s Walter Scott international growth mandate and reallocate the money into lower‑cost index and private real estate funds.
The board’s investment presenter told trustees the system returned 4.8% for the quarter (4.7% net of fees) and described concentrated performance drivers in large‑cap U.S. technology versus weaker results in non‑U.S. growth managers. “Walter Scott is a commingled fund…they’ve struggled mightily,” the presenter said and recommended, “terminate Walter Scott due to performance and put that money into the current Vanguard world ex‑U.S.” The board then approved a motion to terminate Walter Scott and transfer…
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