Fort Lauderdale General Employees divides $23 million among 6 existing managers

Fort Lauderdale (Fla.) General Employees' Retirement System added a total of $23 million to existing managers' portfolios, confirmed David Desmond, administrator of the $511 million pension fund.

The additions, approved by the pension fund's board of trustees at its Feb. 7 meeting, are funded from cash and are the final distributions of $146 million in proceeds received in September from pension obligation bonds issued by the city of Fort Lauderdale.

The pension fund added $9 million to an active emerging markets equity portfolio run by Aberdeen Asset Management, which previously ran $1 million the pension fund originally invested in late December. Aberdeen also runs about $34 million for the pension fund in active international equities.

Also, the pension fund added $3 million to active domestic fixed-income manager Garcia Hamilton & Associates, giving it a total of $73 million.

Lastly, the pension fund added $2 million each to its active domestic large-cap managers. Growth managers Garcia Hamilton and Navallier & Associates now have $51 million each, and value managers DePrince Race & Zollo and WEDGE Capital Management have $58 million and $54 million, respectively.

The board also approved an additional $3 million to American Realty's real estate portfolio, to bring it to $11 million.