Jacksonville pension fund picks 2 small-cap growth managers

Jacksonville (Fla.) City Retirement System hired Profit Investment Management and Ranger Investment Management to run about $31 million each in active domestic small-cap growth equities, confirmed Joey Greive, chief investment officer.

Funding comes from the $1.8 billion pension fund's termination of Franklin Templeton (BEN) Investments (BEN), which ran $62 million in a similar portfolio, due to personnel changes.

The other finalist in the invitation-only search was Elk Creek Partners.

The pension fund also hired Principal Real Estate Investors to run $50 million to $100 million in core real estate, Mr. Greive said in a telephone interview. Funding will come from fixed income and gains from equity, he said. No managers will be terminated.

Investment consultant Summit Strategies Group assisted.