Jacksonville (Fla.) City Retirement System hired Loomis Sayles & Co. and Mellon Capital Management to split a $170 million domestic large-cap growth equity portfolio, said Joey Greive, chief investment officer of the $2 billion pension fund and city treasurer, in an email.
Loomis Sayles manages an active strategy and Mellon a passive strategy. The pension fund conducted a shortlist search due to the underperformance of incumbent active manager Brown Advisory, which managed the $170 million portfolio. Brown Advisory was a finalist, along with Sustainable Growth Advisors.
Richard Gamper, Brown Advisory spokesman, could not be immediately reached to provide comment.
Investment consultant Summit Strategies Group assisted.