Oakland (Calif.) Police & Fire Retirement System placed NWQ Investment Management Co. on watch for a $10 million active domestic small-cap value equity portfolio, said Teir Jenkins, investment officer.
The $380 million pension fund's board placed the firm on watch due to organizational changes. In December, employees of the money manager sold their stake in NWQ to parent company Nuveen. Materials from the Jan. 31 board meeting also said NWQ had eliminated several positions, mostly in the areas of client service and institutional sales.
As of Dec. 31, the actual allocation for domestic equities was 47.5%; the target is 48%.
Investment consultant Pension Consulting Alliance assisted.