Boca Raton puts $10 million into convertible securities

Boca Raton (Fla.) General Employees' Pension Plan hired Advent Capital Management and SSI Investment Management to run $5 million each in active convertible securities, confirmed Debra Sears, CEO of the employees' pension fund.

To fund the new hires, the $173 million pension fund reduced to $15 million a midcap indexed equity portfolio managed by Burgess Chambers.

Separately, the $239 million Boca Raton Police & Firefighters' Retirement System terminated Artio Global Investors from an $8 million active international equity portfolio, because of performance according to Ms. Sears, who also is CEO of the police and fire pension fund. Neil Shapiro, Artio spokesman, said the company does not comment on client mandates.