SEARCHES & HIRINGS
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.
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.
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.
Both commitments will be funded from cash.