Banco Popular de Puerto Rico, San Juan, hired Fortaleza Asset Management to manage $5 million in a small-cap portfolio of its $250 million profit-sharing plan.
The profit-sharing plan might search for another small-cap manager in the future, said Luis C. Fernandez-Trinchet, vice president of the trust division.
The hiring was the result of an asset allocation decision made by the plan sponsor and consultant Smith Barney
