Clearwater Employees Pension Fund hires two large-cap value managers
By Rob Kozlowski | February 7, 2013 2:52 pm
Clearwater (Fla.) Employees Pension Fund hired Eagle Capital Management and Manning & Napier Advisors to run $30 million each in active domestic large-cap value equities, confirmed Steve Moskun, cash and investments manager.
The $750 million pension fund conducted an invitation-only search in June following the termination for performance of active domestic large-cap value manager Aletheia Research and Management, which ran $30 million. Aletheia officials could not be reached for comment by press time.
Mr. Moskun said the rest of the funding comes from Northern Trust Global Investments' passive large-cap value portfolio, which now has $30 million. The board decided to change the allocation of large-cap value to two-thirds active, one-third passive.
The other finalist was O'Shaughnessy Asset Management.
Investment consultant CapTrust Advisors assisted.