SEARCHES AND HIRES

Hollywood Firefighters picks Vanguard passive fund in favor of active managers

Hollywood (Fla.) Firefighters' Pension Fund invested about $37 million in Vanguard Group's Total Stock Market Index mutual fund, according to recently released board meeting minutes.

The $221 million pension fund also terminated Advisory Research from a $24 million active domestic all-cap value equity portfolio and reduced active domestic all-cap equity portfolios managed by GAMCO Investors (GBL) and Westfield Capital Management to about $23 million each from $25 million each. GAMCO manages a value strategy and Westfield, growth.

Finally, the pension fund reduced an active domestic large-cap equity portfolio managed by Sawgrass Asset Management to $9 million from $18 million.

According to the minutes, “Equities continue to see underperformance in the U.S. equity allocation where active managers have been unable to keep up with the policy index.” The minutes did not provide specific reasons for individual manager moves.

Investment consultant AndCo Consulting assisted.

Jennifer Kerr, plan administrator, did not return a phone call by press time. An Advisory Research spokeswoman could not be immediately reached to provide comment.