If you have been waiting for a bell-ringer, perhaps Illinois is singing your tune.

Please note Illinois Municipal Pension Fund Pulls About $1 Billion From BMO

The Illinois Municipal Retirement Fund is pulling about $1.1 billion from BMO Global Asset Management due to poor performance.

The pension fund is terminating a portfolio of U.S. large cap value stocks managed by BMO and plans to oversee the money internally, according to a statement issued on Monday.

"Both performance and the opportunity to save fees by managing the money internally were factors," John Krupa, a spokesman for the Oak Brook, Illinois-based organization, said in an email.

Earlier this month, the California Public Employees' Retirement System said it would reduce the use of external emerging equity fund managers.