Alcan drops large-cap manager

Alcan Inc., Montreal, terminated Capital Guardian from a US$180 million active U.S. large-cap growth equity portfolio for performance, said Michel Methot, chief actuary for the US$1.2 billion pension fund. Roughly $110 million went to the fund’s $314 million long-term active fixed-income portfolio and $70 million was added to its $225 million foreign equity portfolio. The move helped increase the duration of the long-term portfolio, Mr. Methot said. Capital Guardian spokesman John Wachter was not available at press time for comment.