The departures came following a pension fund’s inquiries into fixed-income trading costs during a transition, multiple sources tell sister publication aiCIO. When contacted, a State Street representative confirmed that McLellan is no longer with the firm, according to the report. State Street declined to comment on Pennings’ employment status.
According to sources, costs associated with a recent transition event spurred questions from an unnamed pension fund. Inalytics, a London-based consultant that specializes in assessing manager performance, performed due diligence on the trade, which sources claim was “priced on yield” when the pension believed it was meant to be “priced on cost.”
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