Austin Police Retirement Fund, Texas, hired Brinson Partners as a...

Austin Police Retirement Fund, Texas, hired Brinson Partners as a large-cap growth U.S. equity manager to replace MacKay-Shields, which was terminated for performance reasons, said Sam Jordan, pension administrator for the $210 million fund. The $40 million previously managed by MacKay-Shields will fund the Brinson allocation of $32 million and additional allocations of $4 million each to existing managers Arbor Capital, domestic small-cap growth equity; and Private Capital Management, U.S. small-cap value equity. Paul Scofield, spokesman for MacKay-Shields, declined to comment on the termination.