Fort Lauderdale (Fla.) General Employees' Retirement System added a total of $40 million to its 10 existing managers' portfolios, confirmed David Desmond, administrator of the $507 million pension fund.
The additions are funded from cash. This is the latest distribution of $146 million in proceeds received in September from pension obligation bonds issued by the city of Fort Lauderdale.
The pension fund's board of trustees approved a total of $20 million at its Dec. 6 meeting and another $20 million at its Jan. 3 meeting, for a total of $4 million each to the fund's existing managers.
Domestic growth equity managers Garcia Hamilton & Associates and Navellier & Associates will now run $51 million each, and Lord Abbett & Co. will now run $24 million. Domestic value equity managers DePrince, Race & Zollo will now handle $56 million; WEDGE Capital Management, $53 million; and Lord Abbett, $24 million.
International equity managers Aberdeen Asset Management and Franklin Templeton (BEN) Investments (BEN) will run $35 million and $34 million, respectively, and emerging markets equity manager Schroder Investment Management will now run $25 million. Domestic fixed-income manager Garcia Hamilton will now run $73 million.