City of Miami Firefighters' & Police Officers' Retirement System hired a midcap value manager and its first REIT manager.
Hired were Boston Partners to manage $40 million in midcap value equity and John McStay to handle $25 million in REITs. The funding will come from existing managers.
Capital Guardian, which ran $25 million in large-cap indexed equities, was terminated in the reallocation, said Robert Nagle, administrator for the $1 billion fund. The termination was not related to performance.
Dorn, Helliesen & Cottle assisted.
Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $125 million to Security Capital Preferred Growth, said John Lane, CIO of the $41 billion fund.
Security Capital invests in private and public real estate operating companies.
The board also committed the lesser of $75 million or 25% of the committed capital to U.S. Equity Partners, a private equity fund, Mr. Lane said.
Both commitments will be funded from cash, he said.
Newport News (Va.) Employees Retirement Plan hired Denver Investment Advisors and Providence Capital as small-cap value managers to manage $10 million each.
The funding will come from existing small-cap growth manager Putnam, which will continue to manage $30 million.
The board of the $496 million fund has been pleased with Putnam's performance, but wanted to hire new managers to further diversify its portfolio, said Laverne Lovett, financial services manager.
Dahab Associates assisted