The $1.21 billion Marin County Employees’ Retirement Association (MCERA) has dropped its portable alpha or market neutral program, HFMWeek reports. The reasons for the move include the program’s poor performance, high fees and the complexities associated with it. The board earlier allocated $125 million to five market neutral managers, but later redeemed from two of them and reduced the portfolio to $75 million. MCERA will invest the proceeds from the termination into the State Street Global Advisors S&P500 Index.

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